ROME (Reuters) – Italy’s manufacturing sector contracted in September for a sixth consecutive month, a survey showed on Monday, amid persistent declines in output and new orders in the euro zone’s third-largest economy.
The HCOB Global Purchasing Managers’ Index (PMI) for Italian manufacturing came in at 46.8, up from 45.4 in August but still well below the 50 mark that separates growth from contraction.
The reading was above the median forecast of 45.4 in a Reuters survey of five analysts.
“The Italian industrial economy appears to be trapped in a deep recession with no clear way out,” said HCOB economist Tariq Kamal Chaudhry.
“The sub-indices provide little reason for hope. Output, new orders, quantity of purchases, and backlogs of work all shrank yet again,” he added.
The manufacturing output sub-index rose to 47.4 from a previous 43.8, while new orders edged up to 43.2 from 42.4 — both still firmly in the sub-50 territory indicating contraction.
Underscoring concerns about the weakening economy, the Italian government last week cut its growth forecast for this year to 0.8% from a 1% projection made in April, while the 2024 target was cut to 1.2% from 1.5%.
(Reporting by Crispian Balmer; Editing by Hugh Lawson)
