Greece: PMI rises to 7-month high in November
December 1, 2015
The Markit manufacturing Purchasing Managers’ Index (PMI) rose to a 7-month high in November, rising from 47.3 in October to 48.1. As a result, the index lies closer to the 50-threshold that separates contraction from expansion in the manufacturing sector.
According to Markit, November’s reading was driven mainly by the softest contraction in output in eight months. However, new export orders fell sharply and volumes of unfinished work worsened compared to last month. In addition, employment fell for the eighth month in a row. Regarding prices, input costs rose further in November. Markit analysts commented that, “the Greek manufacturing sector appears to be edging towards stability, judging from the latest PMI survey data. The rate at which operating conditions are deteriorating seems to have shifted into a lower gear, suggesting the economy is slowly adapting to the austerity measures that have been implemented by the government.”