Activity in the Italian service sector decreased further in June, data from a survey by Markit Economics and the Italian Association of Purchasing Management (ADACI) showed Wednesday.
The seasonally adjusted purchasing managers' index (PMI) for the service sector came in at 43.1 in June, indicating a marked deterioration in operating conditions.
A PMI reading below 50 indicates contraction in the sector, while one above suggests growth. The latest figure was higher than May's reading of 42.8, and the rate of decline was the weakens in three months. Economists were looking for a reading of 42.5.
Italian service providers reduced their workforces at a faster rate in June. The latest job-cut extended the current sequence of contraction to 13 months.
New orders received by service sector firms declined at a slower rate during the month. The decline reflected a general fall in demand.
Input price inflation eased for the fourth time in five months in June to the weakest since November 2011. Output prices decreased for the eleventh consecutive month in June, and the fall was the second-sharpest in the past two-and-a-half years.
by RTT Staff Writer
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