Italy's manufacturing activity declined for the ninth month in a row in April and at the fastest pace since last October, survey data released by Markit Economics showed Wednesday.
The Markit/ADACI Purchasing Managers' Index for the manufacturing sector dropped to 43.8 from March's 47.9. The score came in worse than the economists' forecast of 47.1.
The steep decline in the index in April was largely due to weaker new orders, which fell at the fastest rate in three years. Orders declined for the eleventh straight month. Export orders decreased in April, reversing the gaining trend seen in March.
Consequently, output declined at the steepest rate since last December. But, post-production inventories increased for the second consecutive month.
Italian manufacturers shed jobs at the sharpest pace since January 2010 and employment declined for the ninth month in a row. Input price inflation slowed to a 4-month low, while output prices decreased for a third straight month.
by RTT Staff Writer
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