ROM (dpa-AFX) - The Italian purchasing managers' index, that measures the health of the country's manufacturing sector, increased unexpectedly in December, the latest survey result from Markit Economics showed Monday.
However, the PMI reading of 44.3 for December still remained well below the no-change mark of 50, suggesting a marked contraction in activity in the sector. Manufacturing activity declined throughout the past five survey periods.
In November, the PMI scored 44 and the economists were expecting the reading to fall to 43.8 in December.
New orders received by Italian factory sector fell for a seventh month in a row. New export orders also dropped markedly since the previous survey period. Firms continued to shed jobs but at the weakest rate for three months.
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