Italy manufacturing PMI rose to 53.3 in June, up from 52.7 and beat expectation of 52.6. Markit noted there are pick-ups in both output and new order book gains. Meanwhile, input costs rise on back of higher steel prices. Jobs also added again but business confidence dropped to lowest in over five years.
Paul Smith, Economics Director at IHS Markit which compiles the Italy Manufacturing PMI® survey, said:
“Italy’s manufacturing sector arrested its recent growth slide during June, registering faster upturns in both output and new orders.
“The improvements in growth to broad trend rates will raise hopes that the sector will now settle into a steady expansionary rate following the sharp slowdown in sector performance seen since the start of the year.
“Whilst manufacturers seem confident enough that growth will be sustained, with jobs continuing to be added at a decent clip in June, downside risks persist. Optimism in the outlook has deteriorated to its lowest in over five years and cost pressures are mounting, with steel prices especially reported to have risen during June.”
