- Prior 62.8
A slightly lower reading than in November but growth of output and new work remain close to record peaks. As such, it reflects another robust performance in Italy's manufacturing sector to cap off the year. That said, backlogs of work rose at a survey record pace amid supply constraints and inflationary pressures remain severe. Markit notes that:
"Italy's manufacturing sector rounded off the final quarter of 2021 with another solid performance. The PMI remained close to November's all-time high due to further rapid growth of output and new orders, although the rates of expansion did slow slightly on the month.
"Nonetheless, capacity pressures were again unprecedented, as firms struggled with strong sales and ongoing supply issues. As a result, employment increased sharply.
"Material shortages and rising transport fees also fed through to a further steep rise in input costs, with firms raising their average charges at a near record pace in response. That said, the rates of inflation slowed since November, pointing to some cooling of pressure at the turn of the year.
"In spite of the strong performance, companies moderated their expectations towards output over the next year, with sentiment the weakest since April 2020, as some firms noted concerns surrounding COVID-19, price pressures and supply disruptions.
"That said, the sector remains in a very strong position as we enter 2022 with little sign of growth momentum fading significantly."
