Greece: PMI edges down in January
January 4, 2016
The Markit manufacturing Purchasing Managers’ Index (PMI) edged down in January, falling from December’s 50.2 to 50.0. December’s result had marked the highest level since May 2014. As a result, the index lies on the 50-threshold that separates expansion from contraction in the manufacturing sector.
According to Markit, January’s reading came on the back of marginal declines in output and new orders, while employment grew at the fastest rate since July 2007. However, job creation still remains slight overall. Regarding prices, input prices fell for the first time in one year in January. Markit analysts commented that, “volumes of incoming new orders continued to struggle, remaining in contraction territory. Likewise, output slipped back into decline while backlogs of work deteriorated further. Until improvements in these areas occur, the prospect of strong economic growth looks unlikely in the coming months.”