(RTTNews) - Italy's manufacturingsector grew at the weakest pace since February due to slower growth in output and new orders as well as a resumption of job shedding, survey data showed Wednesday.
The seasonally adjusted Markit/ADACI Purchasing Managers' Index dropped to 52.8 from 54.4 in July. It was lower than economists' forecast for a reading of 53.5. A PMI reading above 50 suggests expansion in the sector.Production levels rose for the eleventh month in a row during August, but the pace of output growth was the weakest in three months. New orders have grown through past eleven months. In August, export growth moderated, but remained strong. New export order growth was the weakest since April.
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Italian Manufacturing Expands At Slower Pace In August
(RTTNews) - Italy's manufacturingsector grew at the weakest pace since February due to slower growth in output and new orders as well as a resumption of job shedding, survey data showed Wednesday.
The seasonally adjusted Markit/ADACI Purchasing Managers' Index dropped to 52.8 from 54.4 in July. It was lower than economists' forecast for a reading of 53.5. A PMI reading above 50 suggests expansion in the sector.
Production levels rose for the eleventh month in a row during August, but the pace of output growth was the weakest in three months. New orders have grown through past eleven months. In August, export growth moderated, but remained strong. New export order growth was the weakest since April.
Italian manufacturing firms returned to cutting headcount during the month. On the price front, input cost inflation eased for the fourth consecutive month, while output prices increased for the sixth straight month.
"These data point to a slowdown of growth momentum across Italy's goods producing sector, and add further weight to the possibility that Q2 represented the peak of the manufacturing bounce," Andrew Self, economist at Markit said. "Output and new business levels continued to rise at rapid rates, suggesting that the manufacturing sector is still playing a key role in the Italian recovery."
Confidence among Italian businesses increased for the second straight month in August on the back of improved assessment on internal and external demand as well as production, research institute ISAE said on Tuesday. The ISAE seasonally adjusted business sentiment index for the manufacturing sector increased to 100.5 in August from 98.3 in July. The index reading has returned to its May 2008 level, the think tank said.
Data released earlier this month showed that the Italian economy expanded for the second straight quarter, suggesting that the recovery from the worst recession is continuing, despite the currency bloc's debt crisis. Gross domestic product rose 0.4% sequentially in the second quarter, at the same pace as in the first three months of the year.
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