Greece: Manufacturing PMI hits 6-month high in November
December 3, 2018
The IHS Markit manufacturing Purchasing Managers’ Index (PMI) rose to 54.0 points in November from 53.1 points in October. Accordingly, the PMI lies further 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.
November’s rise was driven chiefly by faster growth of output and new orders. Notably, new orders gained steam thanks to domestic new business, while orders from abroad grew at the softest pace in over one year. Amid stronger demand, firms added jobs at a record pace in November, with the fastest increase seen in the history of the series that began in 1999. Business confidence also improved in November, while price pressures remained elevated due in part to higher fuel costs.