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Italian factory activity falls for 11th month running in August - PMI

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ROME (Reuters) – Italian manufacturing activity declined for the 11th month running in August, albeit at a slightly slower rate than in July, a survey showed on Monday, suggesting the economy will continue to struggle in the near term.

The IHS Markit Purchasing Managers Index (PMI) edged up to 48.7 last month from 48.5 in July, remaining clearly below the 50 mark that separates growth from contraction.

A Reuters survey of six analysts had pointed to a reading of 48.5 in August.

IHS Markit said its sub-index for new orders at manufacturers dropped to 46.0 from a previous 47.8.

The euro zone’s third-largest economy has been broadly stagnant since the second quarter of last year, maintaining its customary position among the most sluggish performers in the 19-nation currency bloc.

Gross domestic product was flat between April and June, quarter-on-quarter, and declined 0.1% on a year-on-year basis, data showed on Friday.

(Reporting by Crispian Balmer; Editing by Toby Chopra)

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