Key facts
- The services PMI's new business subindex rose to 53.5 from 52.8, above 50 for a fifth month.
- The employment indicator rose to 50.8 from 50.5, a 21st consecutive month of job growth.
- The prices charged measure rose to 55.9 from 54.8, the highest since February 2023.
- The composite PMI combining manufacturing and services fell to 50.8 from 51.0, the lowest since June.
- Italy's economic growth stagnated in the third quarter, the report said.
Italy's service sector expanded at a faster pace in October, with S&P Global's Purchasing Managers' Index rising to 52.0 from 51.7 in September, the survey firm said on November 4. The reading was the fifth consecutive month above the 50 mark that separates growth from contraction and beat a forecast of 51.5 in a Reuters survey of 11 analysts.
Cost measures rose. The input prices indicator climbed to 68.4 from 65.4, the highest since December 2022, and the prices charged measure rose to 55.9 from 54.8, the highest since February 2023. Reuters reported that the cost pressure was driven by turmoil in the Middle East.
Demand and hiring also improved. The new business subindex rose to 53.5 from 52.8, above 50 for a fifth month, and the employment indicator rose to 50.8 from 50.5, a 21st straight month of job growth.
The wider picture was weaker. S&P Global's sister survey for Italy's smaller manufacturing sector, released on Monday, showed an unexpected contraction in October, and the composite PMI fell to 50.8 from 51.0, the lowest since June. Italy's annual inflation rate rose to 5.6% in October, data showed the previous week, while economic growth stagnated in the third quarter.