Italy retail sales down slightly in Nov, retail PMI rises to a 9-month high

Italy retail sales fell slightly in November, but the rate of decline was the slowest seen since February. Retail sales also fell year-on-year in November, though the rate of decline was only marginal and the slowest recorded in the current eight-month sequence of sales falling on an annual basis.

Headline seasonally adjusted Markit Italy Retail PMI which tracks month-on-month changes in retail sales edged higher to 48.8, up from October’s 46.5 and its highest reading since February. A strong degree of optimism among retailers towards future sales, with the level of confidence signalled the highest since December 2006.

Average prices paid for purchases increased in November, however the rate of inflation was at a four-month low. Retailers added to their payroll numbers for the third straight month in November, marking the longest sequence of continuous employment growth in the retail sector since late-2007.

“Italy’s retail PMI moved up to its highest level for nine months in November, with reports from the survey’s panellists of marketing endeavours – mainly promotions and increased advertising – helping support sales," said Phil Smith, economist at IHS Markit.

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