ROME (dpa-AFX) - Italy's manufacturing sector contracted in May at the softest pace since late 2018, survey data from IHS Markit showed Monday.
The headline Purchasing Managers' Index rose unexpectedly to 49.7 in May from 49.1 in April. The expected score was 48.5.
The score signaled an eighth consecutive monthly deterioration in the manufacturing sector. Nonetheless, activity deteriorated at the slowest pace since September 2018.
Underpinning the improvement in the headline PMI were softer declines in both output and new orders. Despite the reductions seen in output and new orders, Italian manufacturers added to their workforce numbers.
Latest prices data showed average input costs rising at the slowest pace in four months in May. Output charges also increased in May, though at the softest pace since January.
Sentiment among Italian manufacturers regarding the year-ahead outlook for output improved to an eight-month high.
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