Greece: Manufacturing PMI dips in September
October 1, 2019
The IHS Markit manufacturing Purchasing Managers’ Index (PMI) declined to 53.6 in September from 54.9 in August, which had marked a four-month high. Despite the dip, the PMI remained comfortably above the critical 50-threshold that separates expansion from contraction in business conditions in the manufacturing sector.
September’s fall reflected slower growth in output and employment. That said, production still expanded strongly, while new orders rose at one of the sharpest rates seen in over a decade amid firmer client demand. In addition, firms continued to increase their staff levels, albeit at the second-slowest pace since December 2017. On the price front, both input cost and output charge inflation increased only fractionally compared to August. Lastly, confidence among goods-producers remained robust, owing to their favorable assessment over demand conditions at home.
Author: Javier Colato, Economist