Italy Composite PMI at 3-Month High

2026-03-04 08:59 By Joana Taborda 1 min. read

The HCOB Italy Composite PMI increased to 52.1 in February 2026 from 51.4 in January, pointing to the strongest growth in private sector activity in three months.

The manufacturing sector returned to expansion for the first time in three months (50.6 vs 48.1) while services growth slowed (52.3 vs 52.9).

There was a moderate rise in new business, which was broad-based and although companies had sufficient capacity to work through backlogs, the rate of depletion was the weakest since July last year.

Meanwhile, the rate at which jobs were added across the private sector was the strongest in eight months.

Hiring activity was stronger in the service sector than it was in its manufacturing counterpart. On the price front, building cost pressures across both broad sectors pushed the composite reading to the second-highest in almost a year (softer than only November 2025).

There was a similar trend of intensification in charge inflation, where the rate of increase hit a seven-month high.



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Italy Composite PMI at 3-Month High
The HCOB Italy Composite PMI increased to 52.1 in February 2026 from 51.4 in January, pointing to the strongest growth in private sector activity in three months. The manufacturing sector returned to expansion for the first time in three months (50.6 vs 48.1) while services growth slowed (52.3 vs 52.9). There was a moderate rise in new business, which was broad-based and although companies had sufficient capacity to work through backlogs, the rate of depletion was the weakest since July last year. Meanwhile, the rate at which jobs were added across the private sector was the strongest in eight months. Hiring activity was stronger in the service sector than it was in its manufacturing counterpart. On the price front, building cost pressures across both broad sectors pushed the composite reading to the second-highest in almost a year (softer than only November 2025). There was a similar trend of intensification in charge inflation, where the rate of increase hit a seven-month high.
2026-03-04
Italy Private Sector Regains Momentum
The HCOB Italy Composite PMI rose to 51.4 in January 2026 from 50.3 in December, signaling regained momentum but still only a modest expansion in the private sector. Growth was led by the services sector, which recorded a stronger rise in activity, while the decline in manufacturing output eased. At the composite level, new orders increased at the slowest pace in six months, as demand in the services sector moderated and manufacturing sales continued to fall. Private sector employment edged higher, with both services and manufacturing adding staff, while outstanding work declined at a slower rate than in previous months. On prices, input costs rose, particularly for manufacturers, driving overall price pressures higher, and service providers raised charges at the fastest pace in six months. Looking ahead, sentiment softened, with service sector firms expressing more cautious expectations for growth in the months ahead.
2026-02-04
Italy’s Composite PMI Slips in December
The HCOB Italy Composite PMI fell to 50.3 in December 2025, down sharply from November’s two-and-a-half-year high of 53.8, signaling the slowest pace of private sector expansion in nearly a year. Growth in the services sector moderated, while the manufacturing sector returned to contraction. At the composite level, new business expanded at its weakest rate in three months. Employment across the private sector remained unchanged in December, while firms were able to reduce outstanding business, supporting overall operational efficiency. Cost pressures eased broadly across manufacturing and services, contributing to a composite reading below its long-term average. Although the overall pace of price inflation softened, it remained elevated by historical standards. Looking ahead, manufacturers maintained a notably more positive outlook than their service sector peers, suggesting optimism about production prospects despite slowing activity.
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