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IP Weak In April, With Surveys Suggesting Little Respite Ahead

ITALY DATA
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Italian industrial production once again printed weaker than consensus forecasts, with an April print of -1.0% M/M SWDA (vs 0.2% cons, -0.5% prior) and -2.9% Y/Y WDA (vs -2.1% cons, -3.2% prior).

  • The data confirms the weak development portrayed by sentiment surveys, and recent confidence readings suggest there is little respite in the months ahead.
  • The May manufacturing PMI was an extremely weak 45.6 (vs 48.0 cons). The report highlighted that domestic and international demand conditions remained subdued in May, prompting a pullback in employment and weaker pricing power amongst firms.
  • Similarly, the EC and ISTAT industry surveys remained below neutral levels in May with little indication of recovering conditions in the months ahead.
  • Looking at the sub-components, durable consumer goods pulled the index lower in April, printing at -1.6% M/M and -8.5% Y/Y. Intermediate and capital goods also saw negative developments on a monthly and annual basis.


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Italian industrial production once again printed weaker than consensus forecasts, with an April print of -1.0% M/M SWDA (vs 0.2% cons, -0.5% prior) and -2.9% Y/Y WDA (vs -2.1% cons, -3.2% prior).

  • The data confirms the weak development portrayed by sentiment surveys, and recent confidence readings suggest there is little respite in the months ahead.
  • The May manufacturing PMI was an extremely weak 45.6 (vs 48.0 cons). The report highlighted that domestic and international demand conditions remained subdued in May, prompting a pullback in employment and weaker pricing power amongst firms.
  • Similarly, the EC and ISTAT industry surveys remained below neutral levels in May with little indication of recovering conditions in the months ahead.
  • Looking at the sub-components, durable consumer goods pulled the index lower in April, printing at -1.6% M/M and -8.5% Y/Y. Intermediate and capital goods also saw negative developments on a monthly and annual basis.