The Markit/ADACI Purchasing Managers Index (PMI) came in at 52.6, below expectations and down from 53.2 in May and 54.0 in April, but still clearly above the 50 mark separating growth from contraction.
The median forecast in a Reuters survey of 13 analysts pointed to a stable reading of 53.2.
Most of the main components in the PMI fell back from May but remained above the key 50 level, with the manufacturing output sub-index easing to 54.9 from 55.8.
Growth in new orders was also solid but eased for the second month in a row. Input prices increased in June but competitive pressures prevented companies passing on the higher costs to clients, with factory gate prices remaining virtually unchanged.
The euro zone's third-largest economy shrank by 0.1 per cent in the first quarter after expanding by 0.1 per cent at the end of 2013, its first growth following a two-year recession that the country is still trying to shake off.
On the basis of PMI data for the manufacturing and services sectors and an increase in industrial output in April, most analysts expect a return to modest growth in the second quarter.
Italian employers' association Confindustria last week forecast that the economy would expand just 0.2 per cent this year, far below the 0.8 per cent growth targeted by the government of Prime Minister Matteo Renzi.
Copyright © 2014 Times Internet Limited. All rights reserved.
No comments:
Post a Comment