PMI: Italy's service sector returns to growth as cost pressures ease

Golden Ten Data reported on July 3 that the Italy S&P Global Purchasing Managers Index (PMI) rose from 49.4 in May to 50.2 in June, marking the first time it has crossed the 50-point threshold since late February, when the US and Israel attacked Iran. This indicates that Italy's service sector saw a slight expansion in June after three months of contraction. Signs of easing tensions in the Middle East have helped relieve cost pressures; the input cost inflation indicator fell significantly from 66.7 in May to 62.1, still at historically high levels, but this is its first decline since January. The “prices charged” indicator also dropped from 54.1 in May to 52.8. S&P Global economist Eleanor Dennison said, “Signs of cooling inflation will bring some relief to service providers and consumers.”