RTTNews - Italian manufacturing activity deteriorated at weakest pace in July, a report from ADACI and Markit Economics said on Monday.

The Markit/ ADACI purchasing managers index or PMI rose to 45.4 in July from 42.7 in June. This was the highest reading since August 2008.

A reading above 50 indicates expansion, while a reading below 50 signals a contraction.

In July, output in the manufacturing industry dropped sixteenth straight months, while new orders decreased for nineteen consecutive months.

Andrew Self, economist at Markit said, the survey suggests that hopes of an economic recovery are starting to build. However, it speaks volumes of the severity of this recession that these figures will be seen as relatively positive.

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