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Italy's manufacturing sector shinks at fastest pace in 3 years - PMI



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ROME, June 1 (Reuters) -Italy's manufacturing sector marked its steepest contraction in three years in May, a survey showed on Thursday, shrinking for a second consecutive month and signalling the approach of a possible recession.

The HCOB Global Purchasing Managers' Index (PMI) for Italian manufacturing came in at 45.9, down from 46.8 in April and well below the 50 mark that separates growth from contraction.

The reading, the lowest since May 2020's 45.4, was slightly above the median forecast of 45.6 in a Reuters survey of 14 analysts.

The manufacturing output sub-index dropped to 46.4 from April's 48.7 while the new orders indicator fell to 44.3 from 45.3.

"Italian industry is heading straight to recession. This is indicated by the HCOB PMI index for the manufacturing sector, which has fallen for the third consecutive month," said HCOB economist Tariq Kamal Chaudhry.

He said weakness in industry was likely caused by "expiring government support programs and a cooling global economy," which were weighing on sentiment.

The euro zone's third largest economy last month raised its forecast for 2023 full-year GDP growth to 1% from 0.6% but cut its forecast for next year to 1.5% from 1.9%.



Reporting by Angelo Amante; editing by John Stonestreet

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