Italy's manufacturing sector contracted in May, but at a slightly slower pace than in April, a survey by Markit Economics showed Friday.
The seasonally adjusted Markit/ADACI Purchasing Managers' Index rose to 44.8 in May from April's six-month low of 43.8. Economists expected a marginal decline to 43.5.
Still, the reading pointed to a marked contraction in manufacturing activity with the index scoring below the no-change mark of 50.
New orders received by manufacturers fell sharply, and at a rate that was only fractionally slower than April's three-year record contraction. New export orders dropped solidly for a second month running.
Production levels were reduced for the eighth month in succession, the report said.
by RTT Staff Writer
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