Greece: PMI records best reading since August 2008
September 1, 2017
The IHS Markit manufacturing Purchasing Managers’ Index (PMI) climbed in August, suggesting the fastest rate of growth in the manufacturing sector in nine years. The index rose from 50.5 in July to 52.2. As a result, the index lies further above the 50-threshold, which signifies an expansion in the manufacturing sector.
Behind the upturn was a revival in both foreign and domestic demand and new orders grew at the fastest pace since May 2014. To keep stride with rising orders, manufactures hired employees and jobs were added at the fastest pace in nearly two decades. Output rose for a third consecutive and purchasing activity also picked up in August. Meanwhile, price pressures remained marked, although somewhat softer than in July and business confidence eased slightly from the previous month’s multi-year high.