Italy’s manufacturing growth eases slightly in Sept -PMI

Italy’s manufacturing sector maintained strong growth in September although supply delays and material shortages hampered the sector, a survey showed on Friday.

The IHS Markit Purchasing Managers’ Index (PMI) for Italian manufacturing came in at 59.7, down from a multi-year high of 60.9 in August but still far above the 50 mark that separates growth from contraction.

September’s index reading, which marked the 15th consecutive month of factory growth, was above the median forecast of 59.4 in a Reuters survey of 20 analysts.

The new orders sub-index declined to 58.9 from 61.4 in August, after hitting a record high of 64.4 in May.

Unlike the larger services sector, factories in Italy have been spared the restrictions on business and movement imposed to try to rein in COVID-19 infections.

The government, in its Economic and Financial Document (DEF) presented this week, forecasts economic growth of 6.0% this year, a partial recovery following the record contraction of 8.9% in 2020 when the economy was hobbled by lockdowns.