Greece: Manufacturing PMI drops in October
The IHS Markit manufacturing Purchasing Managers’ Index (PMI) edged down to 53.1 points in October from September’s 53.6 points. Despite the fall, the PMI remained above the critical 50-point threshold that separates expansion from contraction in business conditions in the manufacturing sector, where it has been for over a year.
October’s moderation was driven by falling output growth, which dropped to a six-month low. In addition, new business activity lost steam, although still remained healthy overall, and business confidence receded. On a bright note, firms’ added jobs at one of the fastest paces ever recorded. Meanwhile, price pressures were mixed in the month: Firms reduced output charges due to steep competition, while input price inflation rose on the back of higher energy and commodities prices.