ROME (Reuters) – Italy’s manufacturing sector contracted for a fourth month running in October, with activity posting its steepest decline since May 2020 when the economy was struggling with COVID-19 lockdowns, a survey showed on Wednesday. The S&P Global Purchasing Managers’ Index (PMI) for Italian manufacturing came in at 46.5, down from 48.3 the month before and sharply below the 50 mark that separates growth from contraction. The reading was below a median forecast of 46.9 in a Reuters survey of 14 analysts. The contraction was driven by weakness in both output and new orders, with the for…