The HCOB Italy Manufacturing PMI rose to 50.6 in November 2025, up from 49.9 in October and above market expectations of 50.3. The latest reading indicated the first expansion in three months and the strongest since March 2023, albeit only marginal overall. The improvement was chiefly attributable to a revival in total new orders, amid greater demand from both domestic and international clients. Notably, exports rose for the first time in six months, and the growth rate was not only historically strong but the highest in 45 months. Meanwhile, production volumes rose at a softer and only slight pace in November, prompting firms to continue making reductions to their workforce and purchasing activity.