شاخص مدیران خرید (PMI) بخش خدمات ایتالیا در اکتبر ۵۲.۰ در برابر ۵۱.۵ مورد انتظار

Growth in activity back in line with trend, supported by stronger new business inflows

Eleanor Dennison, Economist at S&P Global Market Intelligence:

"The Italian service sector maintained its steady path of growth in October, even signalling stronger inflows of new work. The headline reading was back in line with its average trend, having crept higher over the month. "Granular sub-sector data revealed the commercial & professional services segment was the only drag, with the consumer services and software & communication sectors recording fresh upturns. The financials & real estate segment continued to lead growth, despite softening again. "The main challenges facing Italian service companies were softness in export demand and the build-up of cost pressures, two factors that are highly exposed to the ongoing conflict in the Middle East. Panellists often reported paying more for fuel and energy-related products in their reports, pushing the overall reading for input price inflation to one of its highest since the 2022 energy crisis. Transportation firms are struggling in particular with respect to costs, having signalled one of the strongest increases on record."Keep in mind that the Italian PMIs are never a market-moving release despite Italy being the third largest economy in the Eurozone. They do provide more information about economic activity in the euro area, though.

As it stands, economic growth remains resilient in the Eurozone and inflationary pressure continue to build amid elevated energy prices caused by the US-Iran war. Everything hinges on the war. The ECB cannot fix an oil supply problem, but it can dampen demand through higher interest rates. The problem is that at some point, higher interest rates and elevated energy prices start putting a strong downward pressure on the economy.

This article was written by Giuseppe Dellamotta at investinglive.com.