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Italy Manufacturing Growth Highest In Over 3 Years

Italy's manufacturing expansion continued at the fastest pace in over three years in February, underpinned by robust growth in output and new orders.

The seasonally adjusted IHS Markit Manufacturing Purchasing Managers' Index, or PMI, rose to a 37-month high of 56.9 in February from 55.1 in January. Economists had forecast a score of 57.0.

A reading above 50 suggests growth in the sector.

Output and new orders rise at fastest pace for three years and the rate of job creation was the strongest since mid-2018, as companies viewed the outlook as robust.

"Hopes of a timely end to COVID-19 restrictions and a surge in sales were attributed to optimism," IHS Markit economist Lewis Cooper said.

Meanwhile, further supply chain disruption drove cost inflation to near a decade high.

The survey data were collected during February 11-19.

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