Greek Manufacturing Grows at Lower Pace in October, Hiring Rises

Greek manufacturing activity continued to expand in October, but at a slower pace than the previous month, with rising demand at home and abroad leading firms to hire staff at one of the fastest rates on record, a survey showed on Wednesday.

Markit’s Purchasing Managers’ Index (PMI) for manufacturing, which accounts for about 10 percent of the economy, eased to 52.1 from 52.8 in September but still signaled a steady rate of growth. Readings above 50 denote expansions in activity.

Rising demand at home, coupled with a rebound in export orders which grew at the quickest pace since August 2016, were the main drivers behind the sector’s continued expansion.

Manufacturers added workers in October, extending the latest period of job creation to six months and at one of the sharpest rates since the survey began in May 1999. The country’s unemployment rate of 21.1% in the second quarter was the highest in the eurozone.

Input price inflation quickened as a result of higher raw materials costs, the survey showed. Strong client demand allowed some firms to offset the increases by raising their factory gate prices.

Source: Reuters