In July the HCOB PMI manufacturing index fell to 51.3 points from 52.2 in June, remaining above the 50 point threshold that separates expansion and contraction. The euro area manufacturing PMI rose to 51.9 points from 51.4, just below the preliminary estimate of 52. What does the PMI at 51.3 mean for ItalyThe Purchasing Managers’ Index is constructed through the responses of purchasing managers of manufacturing companies. New orders fell for the first time in three months in July as support from advance purchases and inventory replenishment faded. The Eurozone is growing more, but demand remains weakIn the Eurozone, manufacturing production recorded its fastest pace of growth in almost four and a half years.