Italy's Manufacturing Sector Contracts Most Since March

Italy's manufacturing sector contracted at the fastest pace in seven months in October, data from IHS Markit showed Monday.

The manufacturing Purchasing Managers' Index came in at 47.7 in October versus 47.8 in September. The index has remained below 50 threshold for the thirteenth consecutive month.

Output contracted for the fifteenth consecutive month, with the latest fall the most marked in nine months. In contrast to output, PMI data signaled a softer decline in customer demand.

On the price front, the survey showed that cost burdens declined at the quickest rate since April 2016.

Meanwhile, business confidence towards year-ahead output dropped to a ten-month low.

"With latest official data signalling a further decline of Italian manufacturing production, the recent downturn does not appear to be ending anytime soon," Amritpal Virdee, an economist at IHS Markit, said.

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