Italy June manufacturing PMI 50.9 vs 50.5 expected

• Prior 51.9

Italian manufacturing activity is slowly grinding towards a halt as the decline in new orders deepened last month. Adding to that is a drop in business confidence to the lowest since the early days of the pandemic. S&P Global notes that:

"Since reaching a survey record in November last year, the Italian manufacturing sector has undergone a rampant slowdown that continued in June. In the months that followed last year's peak, the headline PMI has lost almost 12 points as business conditions for goods producers have become increasingly challenging.

"The war in Ukraine, volatile supply-chain conditions, rampant inflation Inflation Inflation is defined as a quantitative measure of the rate in which the average price level of goods and services in an economy or country increases over a period of time. It is the rise in the general level of prices where a given currency effectively buys less than it did in prior periods.In terms of assessing the strength or currencies, and by extension foreign exchange, inflation or measures of it are extremely influential. Inflation stems from the overall creation of money. This money is m Inflation is defined as a quantitative measure of the rate in which the average price level of goods and services in an economy or country increases over a period of time. It is the rise in the general level of prices where a given currency effectively buys less than it did in prior periods.In terms of assessing the strength or currencies, and by extension foreign exchange, inflation or measures of it are extremely influential. Inflation stems from the overall creation of money. This money is m Read this Term and slowing global economic conditions have all notably contributed to the deteriorating trend. These factors have most notably weighed on the demand for Italian goods, which in June fell at a rate that has been rarely exceeded in the survey's 25-year history outside of the eurozone debt crisis, the global financial crisis and COVID-19 lockdowns.

"As a result, surveyed firms have become more concerned about the outlook for their businesses. The level of confidence fell to its lowest level since March 2020 in June, when Italy entered its first lockdown period at the start of the pandemic."