Italian industrial activity rises to an all-time high in November

Data released by Markit today showed that the manufacturing purchasing managers' index in Italy rose to 62.8 points in November from 61.1 points in October, its highest level ever. The new orders sub-index rose to 63.7 points in November from 61.7 points in October, the highest level since May. The rise in industrial activity in November was above 50 points for the 17th consecutive month. Prime Minister Mario Draghi and other ministers said the Italian economy is likely to expand this year by more than the official government forecast of 6.0%, after the economy contracted at a record 8.9% pace in 2020.