Prior 49.5Composite PMI 48.6Prior 48.1Italian services activity marginally contracted again in December with output falling for a fifth straight month while the decline in new orders gathered pace. Demand conditions remain subdued and proved to be a drag for Italy's main sector. HCOB notes that:"The Italian service sector is hitting the brakes right before the year-end. The HCOB PMI is stuck at 49.8 in December, signalling a standstill. This suggests that services are unlikely to give a significant boost to GDP growth in the fourth quarter. True to form, our HCOB Nowcast model isn't seeing any positive signs for Italy's GDP growth as we ring in the new year. "Italian service folks are still
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