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Italy's Manufacturing Activity Deteriorates In November

Italy's manufacturing sector activity deteriorated further in November, data from IHS Markit showed Monday.

The manufacturing Purchasing Managers' Index fell to 47.6 in November. The score signaled the sharpest deterioration in business conditions since March.

Moreover, November marked the fourteenth successive monthly deterioration in the manufacturing sector.

The major cause for the overall contraction was weak new business. The decline in new orders reflected softer demand from automotive and metal customers. At the same time, orders from abroad decreased at the fastest pace since December 2011.

Consequently, output fell for sixteenth month in November. In line with the reductions of output and new orders, Italian manufacturers reduced their workforce. The decline in headcounts was the sixth in as many months.

Latest prices data showed input costs decreasing, amid reports of lower raw material prices. Output charges also fell, though the rate of decrease was moderate.

Amid concerns over weaker international demand, confidence towards year-ahead output weakened to the lowest since December 2012, the survey showed.

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