A employee on the Liebherr manufacturing firm, which produces gear reducing instruments, wears a protecting masks as he works within the manufacturing unit in Collegno, Italy, May 5, 2020. REUTERS/Massimo Pinca
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ROME, July 1 (Reuters) – Italy’s manufacturing sector grew on the slowest tempo in two years in June, a survey confirmed on Friday, as corporations reported weak demand and more and more downbeat expectations.
The S&P Global Purchasing Managers’ Index (PMI) for Italian manufacturing got here in at 50.9, down from 51.9 in May and registering the bottom studying since June 2020.
The index fell for a fourth consecutive month as manufacturing within the euro zone’s third largest financial system is hit by excessive enter prices and uncertainty linked to the warfare in Ukraine.
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It was nonetheless barely above the 50 mark that separates growth from contraction – a twenty fourth straight month of growth, and beat the median forecast of fifty.5 in a Reuters survey of 15 analysts.
The new orders sub-index, nonetheless, dropped to 43.9 from 47.4, effectively under the important thing 50 threshold and posting the seventh straight decline.
The sub-index on corporations’ future expectations hit its lowest stage since March 2020, in the beginning of Italy’s COVID-19 outbreak.
The knock-on impact of the Ukraine battle has hit the financial prospects of nations all through the euro zone, and Italy’s financial system grew simply 0.1% within the first quarter from the earlier three months.
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Reporting by Gavin Jones; Editing by Susan Fenton
Our Standards: The Thomson Reuters Trust Principles.
Italy June manufacturing growth slowest for two years -PMI & More Latest News Update
Italy June manufacturing growth slowest for two years -PMI & More Live News
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Italy June manufacturing growth slowest for two years -PMI & More News Today
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