Italy Manufacturing PMI Edges Down In May

(RTTNews) - Markit Economics said on Tuesday that the Markit / ADACI Italy manufacturing purchasing managers' index stood at a seasonally adjusted 54.0 in May, down from 54.3 in April. A reading above 50 indicates expansion, while one below suggests contraction. Despite the fall, the PMI still points to a solid expansion in manufacturing activity.

Manufacturing output rose for the eighth straight month in May, albeit at its weakest pace in three months. New orders were also up for the eighth consecutive month, although at a slower pace than in the previous month. New orders received from abroad rose at the fastest pace since June 2006.

Employment in the sector continued to fall, although at the weakest pace since August 2008. Firms cited restructuring as the primary driver for the latest round of job cuts.