Greece: Manufacturing PMI jumps in June
The IHS Markit manufacturing Purchasing Managers’ Index (PMI) came in at 58.6 in June, inching above May’s 58.0 reading and logging the best result in over 21 years. As a result, the PMI moved further north from the critical 50-threshold, signaling a strong improvement of operating conditions in the manufacturing sector compared to the previous month.
June’s improvement largely reflected a solid expansion in new business, on the back of firming domestic and foreign demand. Moreover, a notable increase in employment levels also contributed to the headline reading. That said, output growth, albeit marked, eased from the prior month, weighed on by supply-side disruptions, amid notable transportation delays. Against this backdrop, input cost inflation rose at a record rate, resulting in a spike in selling prices at the quickest pace in series’ history.