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Italy PMI November 2021

Italy: Manufacturing PMI hits record high in November

The IHS Markit Manufacturing Purchasing Managers’ Index (PMI) rose to 62.8 in November from 61.1 in October. November’s result marked the best performance on record. As a result, the index moved further above the 50-threshold, signaling a faster improvement in business conditions compared to the previous month.

The positive reading came amid stronger expansions in output and new work, with factory production rising sturdily. Strong demand conditions pushed up order book volumes in the run-up to Christmas. Consequently, firms expanded their workforce at the second fastest pace on record. That said, supply disruptions reportedly still widened the length of deliveries for inputs. This, together with higher input costs, led businesses in the manufacturing industry to raise output prices at a record rate.

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

“With little signs of supply delays and inflationary pressures easing, the outlook for the manufacturing sector remains uncertain over the coming months. For now, strong demand is supporting a rapid expansion and sustained rebound, but should material shortages worsen, the sector may yet see growth momentum wane, with some firms already noting that customers are choosing to hold off ordering amid extended delivery times.”

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