Italy’s Factories Seen ‘Trapped’ in Recession With No Way Out
- Sixth month of contraction signaled in September PMI survey
- Economy’s weakness has hit Meloni’s spending ambitions
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Italy’s manufacturers just suffered a sixth successive monthly decline in activity that signals a deep industrial recession, according to a survey by S&P Global.
An index based on responses from purchasing managers stood at 46.8 in September, compared with 45.4 in August. While the gauge showed improvement and exceeded economist estimates, it remains clearly below the 50 level indicating contraction.