Italy's manufacturing PMI inches up in December

From Gokhan Ergocun

ISTANBUL (AA) - Italy's manufacturing Purchasing Managers' Index (PMI) registered a slight increase in December to 48.5 from 48.4 in November, according to data released Monday by a US-based financial services company.

"On a positive note, business confidence rose to a seven-month high, with optimism linked to hopes for a recovery in demand and new investment," S&P Global said.

Lewis Cooper, economist at S&P Global, said, "Italian manufacturing continued to be in a downturn in December, as production and order backlogs continued to decline, albeit at slower rates."

He added that the sector remained in contraction last month and PMI data point to continued challenges early in the new year.