Greece: PMI falls in October
November 1, 2016
The Markit manufacturing Purchasing Managers’ Index (PMI) deteriorated in October, signaling a weak start to the fourth quarter in Greece. The PMI fell from 49.2 in September to 48.6 in October, bringing the index further below the 50-threshold that separates contraction from expansion in the manufacturing sector.
According to IHS Markit, October’s reading came on the back of falls in production and new orders. Despite falling orders, firms added workers. IHS Markit analysts commented that, “as input costs continue to grow, coupled with manufacturers reducing their selling prices further, the likelihood of jobs growth sustaining until the end of the year seems slight.”