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Italy’s manufacturing growth eases slightly in Sept -PMI By Reuters

by Mike Robinson

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© Reuters. FILEPHOTO: One year after Codogno was declared Europe’s Coronavirus Disease Epicenter (COVID-19), a woman is working at the MTA factory. This took place in Codogno in Italy. February 10, 2021. REUTERS/Flavio Lo Scalzo/File Photo

ROME (Reuters – Italy’s manufacturing sector saw strong growth in September, despite supply delays and material scarcity challenges. A survey was conducted on Friday.

Italian manufacturing’s IHS Markit purchasing managers’ index (PMI), came in at 59.7. This is down from the multi-year peak of 60.9 in August, but well above the 50 mark which distinguishes growth and contraction.

The September index reading was the 15th consecutive month with factory growth. It exceeded the median prediction of 59.4 according to Reuters surveys of 20 analysts.

Following a May record 64.4, the sub-index of new orders fell to 58.9 (from 61.4) in August.

Italy’s factories are not like the services industry. They have been exempted from the travel restrictions and other movement restrictions that were imposed by COVID-19.

In its Economic and Financial Document (DEF), the government presented economic growth forecasts for this year. This is a partial recovery from the 8.9% record contraction in 2020, which was hampered by lockdowns.

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