Greece: PMI returns to expansionary territory in August
September 1, 2016
The IHS Markit manufacturing Purchasing Managers’ Index (PMI) returned to expansionary territory in August. The PMI grew from 48.7 in July to 50.4 in August, bringing the index above the 50-threshold that separates expansion from contraction in the manufacturing sector.
According to IHS Markit, August’s reading came on the back of an expansion in new orders—the first since August 2014—and output—the second so far this year. Moreover, employment was again a bright spot in the survey as Greek manufacturing companies continued to take on more staff. IHS Markit analysts commented that, “August survey data provided some promising signs that the Greek manufacturing sector could be on the verge of picking up. The Headline PMI posted above the 50.0 no-change mark, led by new orders returning to growth territory for the first time in two years. Moreover, manufacturers raised their production, albeit slightly, following a solid contraction in July while workforce numbers continued to rise.”