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Italy May manufacturing growth slows amid shortages, weak demand -PMI


© Reuters. A worker at the Liebherr manufacturing company, which produces gear cutting tools, wears a protective mask as he works in the factory a day after its re-opened, as Italy begins a staged end to a nationwide lockdown due to a spread of the coronavirus disea

ROME (Reuters) -Italy’s manufacturing sector grew at the slowest pace for a year-and-a-half in May, a survey showed on Wednesday, with business hit by material shortages and weak client demand.

The S&P Global (NYSE:SPGI) Purchasing Managers’ Index (PMI) for Italian manufacturing came in at 51.9, down from 54.5 in April but still above the 50 mark that separates growth from contraction – the 23rd straight month of expansion.

The May index level fell short of a median forecast of 53.5 in a Reuters survey of 15 analysts.

The new orders sub-index dropped to 47.4 from 52.5, the first sub-50 reading since November 2020.

The knock-on effect of the Ukraine conflict has hit the economic prospects of countries throughout the euro zone.

On Tuesday, statistics bureau ISTAT said Italy’s economy grew 0.1% in the first quarter from the previous three months, revising up a preliminary estimate for a 0.2% contraction.

Italy May manufacturing growth slows amid shortages, weak demand -PMI

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