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The economy in the Italian manufacturing industry deteriorated in May for the eighth consecutive month, although its rate of decline has slowed, according to a closely monitored survey released Monday.
The IHS Markit Purchasing Managers' Index for the Manufacturing Industry in Italy on Monday announced an increase to 49.7 in May, indicating that the majority of manufacturers have reported a contraction in activity, down from 49, 1 a month ago. The reading was stronger than the consensus of 48.6 from the Reuters badyst poll.
In Spain, the manufacturing PMI slowed last month to just above the level of stagnation. Production also stagnated and new orders fell. PMI data showed that the eurozone's fourth largest economy saw its first job losses in almost six years.
The indicator – which also includes the services sector – fell by close to 50.1 in May, down from 51.8 a month earlier. Analysts had predicted 51.3. It was just above the 50 mark, indicating a contraction.
In Spain, the sector had a "difficult month," said Paul Smith, economic director at IHS Markit, "with producers of investment goods going through a particularly difficult period. Manufacturers of capital goods are suffering from the difficult context of international demand, as demand from major European markets, particularly the German automotive sector, is declining. "
Sweden, however, reported a better-than-expected result of 53.1 for the month, compared to 50.9 the previous month. The badyst had forecast 50.6 for the index.
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