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Italy's manufacturing purchasing managers' index rose to a seasonally adjusted 50.1 in November from 49.2 in October, the latest survey from Markit Economics and ADACI said Monday. Economists expected a reading of 50.
A PMI reading above 50 suggests expansion in activity, while below 50 suggests contraction. Manufacturing economy showed a first improvement in operating conditions across the sector since February 2008.
Output rose for the twenty-six month high in November, while new orders growth was recorded in both domestic and foreign markets. Export orders improved for the first time since January 2008.
Andrew Self, economist at Markit said, "The Italian manufacturing recovery has lagged behind that of France and Germany but nevertheless gathered pace in November as producers benefited from rising demand within the euro area and beyond."
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