After PMI data had hinted at the start of a recovery in March, an upturn in the Italian goods producing sector failed to materialise in April. Both new orders and output signalled renewed declines. It was clear that cost cutting was on the agenda as input buying was down, in an attempt to run down stocks. At the same time, input costs rose for the first time in 15 months, but selling prices saw little change on the month. The HCOB Italy Manufacturing Purchasing Managers’ IndexTM (PMI®), a composite single-figure indicator of manufacturing performance derived from indicators for new orders, output, employment, ... (full story)