Italy’s service sector back to growth – Markit

The Italian service sector has returned to grow after 28 months, while the Spanish one suffered a drop, Markit data report.

The good news from the Italian service sector follows the row in Parliament between MP Enrico Letta and Silvio Berlusconi, which let to the latter’s defeat on a confidence vote.

Data provider Markit says it’s a welcome sign that the economic recovery could be underway, with the monthly PMI jumping to 52.7 in September, from 48.8 in August. It’s not been over the 50-point mark (which separates contraction from expansion) since May 2011.

In Spain, service sector suffered a drop in activity in last month. Its PMI index has fallen into contraction again — at 49.0 in September, down from 50.4 in August.

Markit also reported that new order growth slowed. On the upside, optimism hit a 41-month high.

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