Italy: Manufacturing PMI falls again in May
The HCOB Manufacturing Purchasing Managers’ Index (PMI) dropped to 45.9 in May from April’s 46.8. Consequently, the index moved further below the 50.0 no-change threshold, signaling a sharper deterioration in business conditions in the private sector compared to the previous month.
May’s result was driven by sharper contractions in output and new orders. Moreover, purchasing activity was scaled back at a pronounced pace amid significant destocking. That said, employment continued to increase at a sustained pace. Moreover, supply constraints eased further, and business confidence dipped but remained in optimistic territory amid dissipating price pressures.