Italy August manufacturing PMI under 50

(ANSA) - Rome, September 1 - Italy's August manufacturing purchasing managers' index (PMI) hit a 20-month low at 49.8, under the 50-point minimum for growth, Bloomberg news agency reported Thursday.
    The eurozone PMI, produced by IHS Markit business surveys, slipped to 51.7 in August from 52 in July. The reading was revised down from an initial estimate of 51.8 due to a decline in orders and uncertainty following the Brexit vote. Germany and France also saw slight PMI declines, to 53.6 and 48.3, respectively.
    Great Britain, however, saw its PMI hit a 10-month high of 53.3 in August due to the weak post-Brexit pound.
    A PMI reading over 50 indicates growth or expansion of the manufacturing sector as compared to the previous month, while a reading under 50 suggests contraction. A reading at 50 indicates that the number of manufacturers reporting better business is equal to those stating business is worse.