Economics
Italy Manufacturing Shrinks as Nation Nears Recession
- Factory PMI at 49.2 in December, median estimate 48.4
- Measures of employment, business confidence worsened
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Italy’s manufacturing sector shrank for a third straight month in the latest sign that Europe’s third-largest economy is on the brink of yet another recession.
IHS Markit’s gauge of factory activity came in at 49.2 for December. While that’s better than the 48.4 forecast by economists, it’s still below 50 -- the dividing line between growth and contraction -- and measures of employment and business confidence worsened.