Greece: PMI rises from one-year low in December
January 3, 2017
The Markit manufacturing Purchasing Managers’ Index (PMI) rose in December, after falling to a one-year low in November. The PMI came in at 49.3, up from November’s 48.3. Despite the rise, the index still lies below the 50-threshold that separates contraction from expansion in the manufacturing sector.
According to IHS Markit, the improvement came on smaller falls in output and new orders. However, firms lowered employment for the first time in over six months, although the decrease was marginal in the context of historical data. Higher prices for steel and other commodities caused a notable rise in inflationary pressure. IHS Markit analysts commented that, “overall, 2016 has been a challenging year for the sector, which continues to remain well short of a full economic recovery. Firms will be hopeful that the new year can bring renewed growth, but until consumption picks up and can be sustained, the likelihood remains slim.”