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Italian and Spanish Manufacturing PMIs Reiterate Fresh Price Growth Concerns

EUROZONE DATA
MNI (London)

ITALY SEP MANUF. PMI 48.3 (FCST 47.5); AUG 48.0

SPAIN SEP MANUF. PMI 49.0 (FCST 49.4); AUG 49.9

  • Italian and Spanish manufacturing PMIs both remained in contractive territory in September, completing the September round of euro area PMIs.
  • Italy saw a marginal improvement to 48.3, whilst Spain weakened by 0.9 - points to 49.0. Both surveys highlighted themes noted by the rest of the bloc, adding to concerning growth outlooks for the euro area.
  • Output & new order declined in Italy and Spain, both noted the fastest fall in output since 2020 pandemic lows. Inflation and uncertain economic outlooks drove the decline, and client demand was weak.
  • Prices saw a fresh acceleration due to higher energy and material costs.
  • Employment remained strong, Italy saw a marginal uptick, whilst Spain recorded a third consecutive month of employment reduction as production outlooks were pessimistic.
  • Business confidence for both Italy and Spain sank further to near-record lows of 2020.


Source: MNI / Bloomberg / S&P Global

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