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Italy PMI February 2024

Italy: Italian manufacturing PMI shows slight improvement amid ongoing decline

The HCOB Italy Manufacturing Purchasing Managers’ Index (PMI) rose to 48.7 in February from 48.5 last month, showing a slight improvement in operating conditions for Italian manufacturers despite remaining in negative territory for almost a year. As a result, the index remained below the 50.0 no-change threshold, but signaled a softer deterioration in manufacturing sector operating conditions compared to the previous month.

This ongoing downturn, lasting nearly a year, is primarily due to subdued demand and lower order numbers, prompting manufacturers to reduce production volumes. Despite these challenges, firms have increased workforce levels, aiding in the significant depletion of backlogged orders. The softening declines in new orders and stocks of purchases, alongside a renewed expansion in the workforce, have slightly mitigated the severity of the contraction. On the pricing front, the trend of falling prices has moderated, with input prices dropping for the thirteenth consecutive month, influenced by a decrease in raw material costs. This led suppliers to adjust their price lists downward in February, prompting companies to marginally reduce their charges. Lastly, business sentiment among Italian manufacturers remained stable compared to January.

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