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Italy PMI January 2022

Italy: Manufacturing PMI falls in January

The IHS Markit Manufacturing Purchasing Managers’ Index (PMI) fell to 58.3 in January from December’s 62.0. January’s result marked the worst performance since February 2021 and ended a three-month streak of readings above 60. However, the index remained significantly above the 50-threshold, signaling a softer, albeit still strong, improvement in business conditions from the previous month.

Conditions improved across the board, with output and new orders rising, even if at slower rates. Likewise, domestic and external demand improved. Furthermore, supply chain disruptions ebbed, falling to the lowest levels in five months. Moreover, the rate of hiring was consistent with previous months amid higher backlogs of work. Looking at prices, although input costs rose at a slower rate, this nevertheless contributed to the fastest output price increase on record in January.

Lewis Cooper, economist at IHS Markit, commented on the outlook:

“Overall, the sector remains in a good position at the start of the year. Omicron issues have weighed on momentum, but on the whole, demand remains resilient and goods producers have continued to stave off notable impacts from Covid-19 related issues.”

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