Greek PMI up to 48.1 points in Nov
Greek Purchasing Managers’ Index (PMI) rose to 48.1 points in November from 47.3 in October, to the highest level in seven months, Markit said in a report on Tuesday.
The November figure showed that manufacturing production fell further in the month, although at a smaller rate, reflecting a lack of demand in the Greek economy. Incoming new orders fell further in November, remaining on a declining trend since September 2014, while incoming new orders fell from abroad as well at a faster rate compared with October. Volume of pending works eased in November, hit by lower new orders, while employment levels in Greek manufacturing companies fell for the eighth successive month. Average delivery times extended further while the avegage cost burden increased in November, remaining on an upward trend since February. On the other hand, manufacturing enterprises continued cutting their selling prices.
The PMI measures business activity in the manufacturing sector. Readings above 50 indicate a growing sector while readings below 50 a shrinking sector.
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