November 04, 2024 08:52 GMT
ITALY DATA: Manufacturing PMI Signals Weak Start For Industry In Q4
ITALY DATA
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The Italian manufacturing PMI reached its weakest since June at 46.9 in October, below the 48.5 consensus and last month’s 48.3. This signals a weak start to Q4 industrial activity, after the sector dragged on growth in the third quarter. It also underscores Spain as the only major driver of economic growth across the Eurozone.
Key notes from the release:
- “The downturn was in part caused by a rapid and accelerated drop in export sales. Some panellists cited reduced inflows of new business from the US, the Middle East and Europe in particular. Others blamed weakness on the international autos market”.
- “The challenging market environment influenced firms' decisions on jobs”.
- “There was a similarly sharp decrease in stocks of purchases signalled”…“the rate of depletion was not only substantial, but also one of the fastest seen in the survey's history”.
- “Manufacturing firms in Italy signalled a decrease in their purchasing costs”…” the reduction was only fractional”.
- “Firms passed some of the relieved cost pressures on to customers in the form of lower output charges”…” Firms cited attempts to encourage sales through promotional price setting”
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