Italy: Manufacturing PMI ticks up in November
The S&P Global Manufacturing Purchasing Managers’ Index (PMI) rose to 48.4 in November from October’s 46.5. Although the index remained entrenched below the 50.0 no-change threshold, this increase signaled a less marked deterioration in business conditions in the private sector compared to the previous month.
Novembers result was driven by softer contractions in new orders and production. While business confidence remained downbeat, it improved from October amid hopes of a recovery in demand. On the price front, the pace of input cost inflation slowed to the lowest level since October 2020, although it remained relatively high due to high energy and material costs. As a consequence, firms raised their prices at a more moderate pace.