HCOB Services PMI in Italy

Italy's Services PMI (Business Activity Index) is a diffusion index based on a monthly survey of purchasing managers in the services sector. Above 50 signals expansion. It is compiled by S&P Global and sponsored by Hamburg Commercial Bank (HCOB).

A diffusion index of business activity in the services sector, based on a single question about the change from the previous month, seasonally adjusted.

A leading indicator of the Italian economic cycle: it is released ahead of the national accounts and official industrial output, and markets use it as the first read on services momentum, the largest part of the economy.

A qualitative survey: it measures the direction of change, not its size. The sample is private firms and the seasonal adjustment factors are revised periodically.