May composite PMI 52.3 vs 52.6 in April (Il Sole 24 Ore Radiocor) - London , 05 Jun - In May, Italy's purchasing managers' index for the services sector inched down to 54.2 from 54.3 in April, but still indicated a solid rate of expansion, 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 52.3 in May from 52.6 the previous month.

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

"The Italian service sector continues to grow strongly," commented Tariq Kamal Chaudhry, economist at Hamburg Commercial Bank. "The HCOB Business Activity PMI Index for May has remained stable at 54.2. The growth seems to have a solid foundation and is likely to continue marching forward, with encouragement taken from the strong upward trend in the New Export Business Index.

'The service sector is showing resilience. The promising outlook, with growing orders both domestically and internationally, is reflected in increased hiring. What's encouraging about the employment figure is that respondents noted that many new hires were on permanent contracts.".

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(RADIOCOR) 05-06-24 10:18:35 (0249) 5 NNNN