ROME (Reuters) – Italian manufacturing activity contracted for an 11th month running in February, though by slightly less than expected, a survey showed on Monday, amid persisting declines in output and new orders.
The HCOB Global Purchasing Managers’ Index for manufacturing came in at 47.4 in February, up from 46.3 in January but remaining well below the 50 mark that separates growth from contraction.
A Reuters survey of seven analysts had pointed to a reading of 46.7.
“The situation in Italy’s manufacturing sector remains bad,” said HCOB economist Jonas Feldhusen. “Neither the HCOB PMI nor the current geopolitical climate offer much hope for a turnaround in the short-term,” he added.
The manufacturing output sub-index rose to 48.8 from 47.4 the month before, while the new orders indicator was at 44.8 compared to 42.8 in January.
Data issued by national statistics institute ISTAT last month showed Italian industrial output was much weaker than expected in December, falling 3.1% from the month before and pointing to deepening problems for the country’s stagnant economy.
(Reporting by Angelo Amante, editing by Gavin Jones and Christina Fincher)
Comments