Manufacturers in Italy continued to face a challenging operating environment at the start of the third quarter. A further contraction in demand led to lower output levels and the sharpest reduction in employment for 33 months, with a sharp and accelerated decrease in backlogs of work underlining the degree of excess capacity in the sector. The seasonally adjusted Markit/ADACI Purchasing Managers’ Index ® (PMI ® ) – a composite indicator designed to provide a single-figure snapshot of manufacturing performance – dipped to a threemonth low of 44.3 in July, down from June’s reading of 44.6. The headline index has posted ... (full story)