Greece: PMI inches up in December
January 1, 2015
The Markit manufacturing Purchasing Managers’ Index (PMI) inched up from 49.1 in November to 49.4 in December. As a result, the index is closer to the 50-threshold that separates contraction from expansion in the manufacturing sector.
According to Markit, the increase in December mainly reflected a slight increase in output, supported by a moderate rise in employment. Conversely, new orders declined in December for the fourth consecutive month, particularly due to a fall in new export orders. Prices charged by goods’ manufacturers also dropped in December, continuing the downward trend that began in 2011. As pointed out by Markit, “slight rises in output and employment at year-end are relative positives but are unlikely to develop into meaningful trends without the support of new order growth.”
Author: Cecilia Simkievich, Economist