FX.co ★ Italy’s Manufacturing Momentum Cools as HCOB PMI Slips in July

Italy’s manufacturing sector lost some momentum in July, with the HCOB Italy Manufacturing Purchasing Managers’ Index (PMI) easing to 51.3, down from 52.2 in June 2026.

The latest reading, updated on 3 August 2026, still places the index above the 50-point threshold that separates expansion from contraction, indicating that Italian manufacturing continues to grow, albeit at a slower pace than in the previous month. The moderation from June’s 52.2 suggests a cooling in the pace of output and new orders after a stronger start to the summer.

The July 2026 figures will be closely watched by investors and policymakers looking for signs of how resilient Italy’s industrial base is amid shifting global demand and broader European economic conditions. While growth remains in positive territory, the downward move highlights emerging headwinds for the country’s manufacturers as the third quarter begins.