India, May 2 -- Italy's manufacturing sector returned to contraction territory in April after a slight expansion in the previous month, survey results from S&P Global showed on Thursday.
The seasonally adjusted HSBC Manufacturing Purchasing Managers' Index dropped to 47.3 in April from 50.4 in March. Any score above below indicates contraction.
New orders fell at a solid pace in April amid weak demand conditions across the sector. Meanwhile, new export orders dropped markedly due to falling demand from European markets.
As a result, Italian businesses reduced their output levels in April at a steady rate.
Italian manufacturers were also optimistic about their hiring plans in April as job growth was sustained, though at an eased rate, th...