Italian factories slashing workforce – Bloomberg ...News

The country’s manufacturing sector is contracting as recession deepens, the outlet has said  Factories in Italy have started to lay off employees as the manufacturing sector in the country continues to contract, Bloomberg reported on Friday.    Data based on the Composite Purchasing Managers' Index (PMI) compiled by S&P Global showed that the EU's third-largest economy slid to 45.4 in August, well below the mark of 50, indicating a contraction.    Italian industry and manufacturing, in particular, have been struggling in the past several months due to a lack of new orders as global demand weakened.    “The manufac

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