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ITALY DATA: Manufacturing Activity Still Subdued, But 3m/3m IP Highest In A Year

ITALY DATA
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Italian manufacturing activity remains subdued, but 3m/3m industrial production growth nonetheless printed its highest since September 2023 at -0.14% in August.

  • August IP was a little weaker than expected at 0.1% M/M (vs 0.2% cons). July’s reading was also revised a tenth lower to -1.0%.
  • The modest recovery in IP has not yet been reflected in manufacturing surveys though. ISTAT manufacturing confidence fell to 86.7 (vs 87.0 prior) in September, still below the 2000-2019 average of 91.0. Meanwhile, the manufacturing PMI has been in contractionary territory for 18th consecutive months.
  • Of the major sub-components, only durable consumer goods and energy saw positive 3m/3m growth. Overall consumer goods production was -0.2% 3m/3m for the second consecutive month.

 

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Italian manufacturing activity remains subdued, but 3m/3m industrial production growth nonetheless printed its highest since September 2023 at -0.14% in August.

  • August IP was a little weaker than expected at 0.1% M/M (vs 0.2% cons). July’s reading was also revised a tenth lower to -1.0%.
  • The modest recovery in IP has not yet been reflected in manufacturing surveys though. ISTAT manufacturing confidence fell to 86.7 (vs 87.0 prior) in September, still below the 2000-2019 average of 91.0. Meanwhile, the manufacturing PMI has been in contractionary territory for 18th consecutive months.
  • Of the major sub-components, only durable consumer goods and energy saw positive 3m/3m growth. Overall consumer goods production was -0.2% 3m/3m for the second consecutive month.