Italy PMI manufacturing dropped to 53.5 in April, down from 55.1, below expectation of 54.5. Markit noted that Weaker domestic market conditions restrict growth, both output and new orders rise at slower rates and, further job gains leads to slight fall in backlogs.
Comments from Paul Smith, Director at IHS Markit:
“Growth of Italy’s manufacturing sector took another tumble during April, with output and new orders both increasing at noticeably slower rates.
“A third successive monthly fall in the headline PMI represents a clear turning point in growth since the start of the year and cannot simply be attributed to Q1’s weather-related disruptions.
“On the contrary, anecdotal evidence in recent months has pointed to global supply-side constraints as a factor limiting growth, and these issues in April were exacerbated by increased weakness in domestic market conditions.
“These issues have undermined confidence about the future as well, although one bright spot remains the export market where demand for Italy’s high end capital goods continues to flourish.”