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Financial News: Downturn In Italy's Manufacturing Sector Continues Amid Lo

Downturn In Italy's Manufacturing Sector Continues Amid Lockdown

05/04/2020 - 07:48:00 (RTTNews)

(RTTNews) - The coronavirus, or covid-19, induced downturn in the Italian manufacturing sector deepened in April, data from IHS Markit showed Monday.

The manufacturing Purchasing Managers' Index dropped to 31.1 in April from 40.3 in March. The expected reading was 30.0. The index signaled the steepest fall in over 22 years of data collection.

Further declines in factory production and new orders were central to the deterioration in April. Shutdowns and emergency measures were the major reasons for the record falls.

Firms reduced workforce numbers further, and at the sharpest pace since April 2009.

Firms pared back on their buying activity substantially, with April data indicating the biggest decline since the series began in mid-1997. At the same time, suppliers' delivery times lengthened to the greatest extent seen in the near 23-year survey history.

On the price front, the survey showed that input prices fell for the third straight month amid reports of lower prices for oil and raw materials. Selling prices also decreased with the reduction the quickest since August 2009.

Expectations among manufacturers with regards to output over the year ahead picked up in April.

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