Greece: Manufacturing PMI eases marginally in November but remains well within positive terrain
The IHS Markit manufacturing Purchasing Managers’ Index (PMI) came in at 58.8 in November, marginally below October’s 58.9. As a result, the PMI remained well above the critical 50-threshold, signaling another solid improvement of operating conditions in the manufacturing sector compared to the previous month.
November’s result largely reflected another robust expansion in both new orders and output, amid strengthened client demand. That said raw material shortages continued to cap the rate of growth and resulted in a record rise in backlogs over the prior month, despite higher employment levels. That said, manufacturers sentiment improved, amid expectations of growing demand and easing supply chain disruptions ahead.
On the price front, persisting difficulties sourcing raw materials, coupled with higher costs for energy, plastics, metals and packaging led into another increase in input cost inflation. This translated into higher selling costs as manufacturers tried to protect their margins.