Italy’s factories stuck in downturn since April
Date
10/3/2023 6:02:17 AM
(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.
MENAFN03102023000045015839ID1107178914
Legal Disclaimer:
MENAFN provides the information “as is” without warranty of any kind. We do not accept any responsibility or liability for the accuracy, content, images, videos, licenses, completeness, legality, or reliability of the information contained in this article. If you have any complaints or copyright issues related to this article, kindly contact the provider above.