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Italy PMI July 2023

Italy: Manufacturing PMI rises in July

The HCOB Manufacturing Purchasing Managers’ Index (PMI) rose to 44.5 in July from June’s 43.8. Consequently, the index remained entrenched below the 50.0 no-change threshold, signaling a deterioration in business conditions in the manufacturing sector compared to the previous month.

July’s result was driven by sharp contractions in output and new orders. Moreover, purchasing activity was scaled back at a notable pace amid significant destocking. Meanwhile, employment growth was marginal. That said, supply constraints eased further, which led input prices to fall sharply and businesses to reduce output prices again. Lastly, manufacturers maintained a positive outlook for future activity, on hopes of recovering demand and investment in new products.

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