June composite PMI 51.3 vs 52.3 in May (Il Sole 24 Ore Radiocor) - London , 03 Jul - In June, Italy's purchasing managers' index for the services sector fell to 53.7 from 54.2 in May, marking a sixth consecutive month of an increase in business activity, according to data released by S&P Global and Hamburg Commercial Bank.

The composite output index, a weighted average of services PMI and manufacturing output, decreased to 51.3 in June from 52.3 the previous month.

A reading above 50 signals expanding sector activity and a reading below 50 a contraction.

'Italian services remain the economic powerhouse of the nation," said Tariq Kamal Chaudhry, economist at Hamburg Commercial Bank. "Despite a slight decline from the previous month, the HCOB Services Business Activity Index remains robust at 53.7, indicating significant growth. The data does reveal some underlying concerns such as rising prices and fading growth momentum in output and new business, which should be taken in to account when assessing the outlook.

Nevertheless, the surveyed companies maintained an optimistic view regarding future activity.

'Growth of employment and total orders remain historically strong. Despite a slight moderation from the previous month, Italian service providers continued to hire robustly.

However, companies report that economic conditions, especially on the international front, are becoming increasingly more challenging, which led non-domestic sales growth to cool.".

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(RADIOCOR) 03-07-24 10:05:13 (0223) 5 NNNN