Greece: Manufacturing PMI drops to over one-year low in June; conditions continue to improve
The S&P Global Manufacturing Purchasing Managers’ Index (PMI) came in at 51.1 in June, down from May’s 53.8. June’s result marked the weakest reading since February 2021. As such, the index remained above the 50.0 no-change mark, pointing to a continued, albeit moderating, improvement in business conditions from the previous month.
June’s softened improvement was caused by marginally falling output and decreasing new orders amid rising price pressures and declining purchasing power for customers. Nevertheless, although input prices grew, the pace of increase diminished, translating into slower rises in selling prices. In addition, employment creation eased to the slowest rate since March 2021 as companies attempted to cut costs amid lower production and backlogs of work. Finally, business expectations remained positive, but dropped to their lowest level in nearly two years.