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Financial News: Italy's Manufacturing Activity Expands For First Time Sinc

Italy's Manufacturing Activity Expands For First Time Since 2018

08/03/2020 - 07:13:00 (RTTNews)

(RTTNews) - Italy's manufacturing sector grew for the first time in nearly two years in July, survey results from IHS Markit showed Monday.

The manufacturing Purchasing Managers' Index advanced to 51.9 in July from 47.5 in June. This was the highest reading since June 2018 and above economists' forecast of 51.2. Output rose for the second month in a row amid the first increase in order book volumes since July 2018.

Easing lockdown measures and subsequent improvements in demand conditions were linked by panelists to the rises in both production and new business.

However, employment declined for the fourteenth successive month in July. On the prices front, the survey showed that cost burdens rose for the first time since January amid reports of greater raw material costs. Firms kept up discounting efforts in July with average charges falling for the sixth month running and moderately.

Finally, firms remained optimistic with regards to output over the year ahead.

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