Italy: Manufacturing PMI picks up in December
The HCOB Manufacturing Purchasing Managers’ Index (PMI) came in at 45.3 in December, up from November’s 44.4. Consequently, the index remained below the 50.0 no-change threshold, signaling a continued deterioration in manufacturing sector operating conditions from the previous month.
November’s result was driven by softer contractions in output and new orders. Meanwhile, inventories were reduced at a faster pace than in November. On the price front, input prices fell at the joint-strongest pace in four months and businesses reduced output prices, albeit only marginally. Lastly, manufacturers grew more optimistic over the outlook for future activity amid product diversity plans, hopes of recovering demand.