2019.08.0507:51:00UTC+00Italy Services Sector Growth Accelerated In July

Italy's services sector activity rose at a faster-than-expected rate in July, with a rise in new orders, survey data from IHS Markit showed on Monday.

The services purchasing managers' index rose to 51.7 in July from 50.5 in June. Economists had forecast a score of 50.6.

Any reading above 50 indicates an expansion in the sector.

Expansion was driven by a rise in new orders that rose at the fastest pace in four months in July.

Degree of confidence was stronger in July toward output for the coming years.

On the price front, costs rose at a stronger rate in July and the input prices increased at the quickest for three months.

Wage cost was higher in some firms as the staffing level increased. Selling prices remained unchanged following a fall in output charges for the seventh straight month.

Employment rose for the sixth month in a row in July. With faster increase in new business, backlogs of work rose for the first time since March.

The composite PMI rose to 51.0 in June from 50.1 in the preceding month.