July 3, 2017 / 7:50 AM / a month ago

Italy factory activity posts solid growth in June, PMI shows

FILE PHOTO: Alfa Romeo cars are assembled on the production line at the FCA plant in Cassino, southern Italy, November 24, 2016.Tony Gentile

ROME, July 3 (Reuters) - Italian manufacturing grew solidly in June at broadly the same rate seen in the previous month, a survey showed on Monday.

The Markit/ADACI Purchasing Managers Index (PMI) stood at 55.2, compared with 55.1 in May, remaining well above the 50 mark that separates growth from contraction.

A Reuters survey of five analysts had predicted a reading of 55.3.

Manufacturing output and new business both accelerated in June but employment growth slowed, the survey showed.

The sub-index for new orders edged up to 56.0 from 55.8 in May.

Italian gross domestic product grew 0.4 percent in the first quarter, data showed last month, accelerating from 0.3 in the previous quarter and reflecting buoyancy in the monthly PMIs for both the manufacturing and services sectors.

The government of Prime Minister Paolo Gentiloni forecasts growth this year of 1.1 percent, up from 0.9 percent in 2016 but only around half the rate expected for the euro zone as a whole.

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Writing by Gavin Jones; ; Editing by Toby Chopra

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