Greek PMI in manufacturing at 43-month high in July, prompting hope 'recovery is on horizon'
“One factor helping lift the headline PMI towards the all-important
50.0 threshold was a slower decline in output. July’s decrease was the
least marked since,” said the analysts. “April 2011, and substantially
slower than the pace of contraction seen at the start of the year.”
similar trend was noted in new orders and job losses, pointing towards a
flattening out of Greece’s recession, which began in 2008.
headline PMI continued its climb towards the 50.0 threshold as a slower
decrease in new orders led manufacturers to moderate their reductions in
output, employment and stocks of purchases compared to June,” said Phil
Smith, the economist who authored the report on Greece for Markit.
still some way off showing outright stabilisation in the sector, these
latest data are at least a stark improvement from those observed at even
the start of the year and bring hope that a recovery is on the