02.11.201706:32:00UTC+00Italy Manufacturing Growth At 6-1/2 High

Italy's factory activity expanded at the fastest pace in six-and-a-half years in October, driven by solid rises output and new orders, data from IHS Markit showed Thursday.

The Purchasing Managers' Index, or PMI, climbed to 57.8 in October from 56.3 in September. Any reading above 50 indicates expansion in the sector.

Moreover, the index remained above 50.0 no-change mark for the fourteenth successive month.

Both output and new orders rise at quickest rates since 2011. Strong demand was the primary factor supporting new business growth.

Consequently, firms raised their workforce numbers for the thirty-fourth consecutive month. Moreover, the latest increase was the strongest recorded in over 20 years of data collection.

On the price front, input price inflation accelerated to a seven-month high in October. As a result, output charges rose at the fastest rate in six-and-a-half years.