(MENAFN) Factories in Italy have witnessed a decline for six months consecutively, as manufacturing carries on decreasing which indicates a huge industrial slump, a news agency declared on Monday, quoting an analysis by S&P Global.
An index built on replies from purchasing managers (PMI) amounted to 46.8 in September, in comparison with 45.4 in August, much less than the mark of 50, showing a reduction.
Italian manufacturing and industry have been particularly struggling over the past several months as a result of a decline in new orders caused by a weakening of the global market.
“The Italian industrial economy appears to be trapped in a deep recession with no clear way out,” declared Tariq Kamal Chaudhry, a financial expert at Hamburg Commercial Bank. “New orders, both domestic and international, are shrinking, and even expectations for future output have fallen well below their long-term average.”
Whereas the recent S&P report stated that Italian firms had begun to lay off people as a result of an extended downturn in industrial output, the PMI survey showed an upward trend in factory employment but largely referred to a lack of qualified employees.
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