Italy: PMI services index up in November, composite also up

In November, Italy’s services PMI scores 49.5 points from 46.4 previously and 48.3 expected. The composite index as marked by S&P Global scores 48.9 points from 45.8 previously. S&P Global notes that “The Italian services sector experienced a markedly slower contraction in activity in November, aided by the slowest decline in new business since August.” The manufacturing sector also experienced a more contained decline in industrial production during the penultimate month of the year and, as a result, the decline in output at the composite level slowed to a modest pace. “Although conditions remain difficult, the attenuation of the downturn has strengthened business expectations, with confidence in the outlook for the following year that is the strongest since May” they conclude.