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Turin and Piedmont cool forecasts, manufacturing suffers more

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Turin and Piedmont cool forecasts, manufacturing suffers more

The slowdown in the global economy cools the forecasts of Turin and Piedmontese industrialists and takes away at least ten points compared to the June survey on production and order indicators for the last quarter of the year. This is what emerges from the latest economic situation, carried out by Unione Industriali Torino and Confindustria Piemonte, which collects the evaluations of almost 1,300 manufacturing and service companies. The run-up in energy and gas prices affects profitability and manufacturing is suffering the most.

Expectations on production show a marked adjustment (-11.2 percentage points compared to June). The energy crisis, the economic slowdown and the strong geopolitical uncertainties have therefore determined a significant cooling of the climate of confidence, which until the summer was still cautiously optimistic, even if, the Industrial Union of Turin announces in a note ” it is not a question of a turn in an unequivocally recessive direction ».

The balance between forecasts of increase and reduction in fact remains in equilibrium, furthermore the utilization rate of the plants remains at very high levels, above the long-term average. Employment forecasts remain positive even if the use of redundancy fund increases slightly.

The dynamics of inflation, the rise in the prices of raw materials and, above all, energy affect the margins of companies which see profitability worsening markedly. The difficulty of Piedmontese companies, which operate in the European supply chains of sectors such as automotive, agri-food, aerospace and mechanics in general, is to pass the increases on to customers, highlight the industrialists.

The difficult economic contingency then seems to weigh more on manufacturing – negative indicators after six quarters of growth – than on services: manufacturing companies are in fact much more cautious, with a negative optimistic-pessimistic balance on the indicators relating to production, orders and exports. . In particular, the optimistic-pessimistic balances for orders and production are equal to -4.6% and -1.8%, down respectively by 11.1 and 12.4 points compared to the third quarter. Exports dropped by 7.7 points and recorded a balance of -5.7%.

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