FX.co ★ Italy’s Construction Downturn Eases as HCOB PMI Edges Up in October

Italy’s construction sector showed tentative signs of stabilization in October 2026, as the HCOB Italy Construction Purchasing Managers’ Index (PMI) rose to 47.3 from 46.5 in September 2026, according to data updated on 5 November 2026.

On a month-over-month basis, the data indicate that while the sector remains in contraction territory (below the 50-point threshold), the pace of decline has slowed compared with the previous month. The improvement from September’s 46.5 to October’s 47.3 suggests a moderation in weakness, hinting that the worst of the recent downturn may be easing.

The comparison framework shows that the “actual” October reading reflects a less negative change versus September, while the “previous” figure captured a steeper deterioration from August to September. Markets and policymakers will be watching whether this gradual uptrend continues in the coming months, potentially signaling a more durable stabilization in Italy’s construction industry.