HCOB Manufacturing PMI in Italy

Italy's Manufacturing PMI is a diffusion index based on a monthly survey of purchasing managers in industry. Above 50 signals expansion on the previous month and below 50 contraction. It is compiled by S&P Global and sponsored by Hamburg Commercial Bank (HCOB).

A weighted composite of five sub-indices: New Orders (30%), Output (25%), Employment (20%), Suppliers' Delivery Times (15%) and Stocks of Purchases (10%). Seasonally adjusted.

A leading indicator of the Italian economic cycle: it is released ahead of the national accounts and official industrial output, and markets use it as the first read on the country's manufacturing momentum within the eurozone.

A qualitative survey: it measures the direction of change, not its size. The sample is private firms and the seasonal adjustment factors are revised periodically.