FX.co ★ Italian Services Output Growth Hits Six-Month High

The S&P Global Italy Services PMI climbed to 52.5 in July 2026 from 50.2 in June, beating market expectations of 51.3 and marking the strongest expansion in business activity since January. The upturn was underpinned by the fastest rise in new orders so far this year, driven by stronger demand, the introduction of new services, successful client acquisition, and intensified advertising efforts.

Employment growth accelerated to a 13‑month high and was among the strongest recorded in more than two years, while the slowdown in the depletion of backlogs of work indicated an improvement in operating capacity.

On the pricing side, input cost inflation remained elevated but eased to its weakest rate since February, whereas output price inflation accelerated. Meanwhile, business confidence edged down slightly but continued to point to a generally positive outlook.