Italy Manufacturing Contracts Again

Italy's manufacturing sector continued to contract in November as demand weakened for a second straight month leading to reduction in purchasing activity and employment, survey results from Markit Economics showed Monday.

The headline Markit/ADACI Purchasing Managers' Index for the manufacturing sector showed a reading of 49 for November, unchanged from October. Any PMI score below 50 suggests contraction in the sector.

Economists had expected the index to slightly rise to 49.5. The index remained below 50 in three of the past four months.

Production and total new business declined for a second straight month despite growth in export sales. Consequently, manufacturers reduced jobs for the third time in the past four months and at the fastest pace since September 2013. Purchasing activity fell for the fourth consecutive month.

Input prices rose in November due to raw material costs and a weaker euro and output prices increased for the second successive month.

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