Italie - PMI manufacturier

The IHS Markit Italy Manufacturing PMI dropped to 47.6 in November 2019 from 47.7 in the previous month. The reading pointed to the fourteenth month of contraction in factory activity and at the sharpest pace since March. Output, new orders and export orders declined much faster, mainly due to a slowing economy as well as softer demand from automotive and metal customers. As a result, employment decreased for the sixth month running and purchasing activity also declined, although the rate of contraction was the weakest since May. On the price front, input costs decreased amid reports of lower raw material prices and output prices also fell, though the rate was modest. Looking ahead, business confidence was the lowest since December 2012, amid concerns over weaker international demand.

The IHS Markit Italy Manufacturing PMI came in at 47.7 in October 2019, little-changed from the previous month's 47.8 and market expectations of 47.6. Still, the latest reading pointed to the sharpest deterioration in overall business conditions since March, as output contracted by the most since January and new orders dropped for the fifteenth consecutive month. In addition, employment fell at the fastest rate since June. On the price front, cost burdens decreased at the quickest pace since April 2016, while output charge inflation picked up to a seven-month high. Looking ahead, business confidence was the weakest in ten months.

The IHS Markit Italy Manufacturing PMI dropped to 47.8 in September 2019 from 48.7 in the previous month and below market consensus of 48.0. The latest reading pointed to the 12th consecutive month of contraction in the manufacturing sector and the sharpest deterioration in business conditions in six months, led by declines in output and new orders. Export sales also dropped, amid reports of weaker demand from European and US customers, and employment fell for the fourth straight month. Backlogs of work fell for the eighteenth month running and at the fastest pace since August 2018. On the price front, both input prices and output charges decreased in September. Looking ahead, business confidence weakened to a nine-month low.

The IHS Markit Italy Manufacturing PMI came in at 48.7 in August 2019, little-changed from the previous month's 48.5 and market expectations of 48.5. The latest reading indicated an eleventh successive monthly deterioration in the health of the Italian manufacturing sector, as output and new orders dropped for the thirteenth consecutive period. New business from abroad also decreased, amid reports of lower demand from companies based in Germany, while employment continued to decline due to weaker demand conditions and the non-renewal of client contracts. Meanwhile, backlogs of work fell for the seventeenth consecutive month, and purchasing activity also decreased, extending the current sequence of contraction to 14 months. On the price front, both input costs and output charges increased for the first time in three and two months, respectively. Looking ahead, business confidence fell to the lowest in four months, but was nonetheless positive.

The IHS Markit Italy Manufacturing PMI edged up to 48.5 in July of 2019 from 48.4 in the previous month. Output fell for a year running and new orders declined sharply amid reports of softer demand from steel and automotive customers. Total new sales have decreased on a monthly basis for exactly one year. Export sales also fell, though the rate of decrease softened from June. The rate of job shedding was modest and dipped slightly from June. On the price front, both input costs and output charges decreased in July, with the latter posting the first fall since January. Finally, optimism regarding year-ahead output fell to a three-month low.

The IHS Markit Italy Manufacturing PMI dropped to 48.4 in June 2019 from 49.7 in the previous month and below market expectations of 48.8. Output and new orders declined for the eleventh consecutive month, with export sales falling by the most since August 2012 amid worsening of foreign demand conditions, especially in the Turkish and Middle Eastern markets. In addition, employment dropped at the fastest pace in five months, as firms reduced their capacity in response to softer demand requirements, while the rate of backlog depletion was the sharpest since August 2018. On the price front, input costs declined for the first time since August 2016 on lower raw material prices, while output charge inflation quickened to a three-month high. Looking ahead, business expectations remained in positive territory as forecasts of greater customer numbers and new product investments supported sentiment.