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Greek PMI Rises to Highest Levels Since Aug 2009

Greece's Purchasing Managers IndexGreece ‘s Purchasing Managers Index (PMI) grew to 51.2 points in January, from 49.6 points in December, recording the first reading above the 50-point level, marking a growing manufacturing sector since August 2009.
A report by Markit, which compiles the index, said that both production and new orders grew significantly in January, as a further cut in prices boosted sales in the first month of 2014. At the same time, the rate of decline in job positions in the sector remained stable.
Production levels in Greek manufacturing factories grew for the third consecutive month in January, in the fastest rate since September 2008, reflecting production of intermediate goods.
Markit said, however, that successive months of increases in production and new orders failed to avert a further decline in job positions in January, although the rate of decline was the lowest in less than four years.
The PMI measures business activity in the manufacturing sector. Readings above 50 indicate a growing sector, while readings below 50 a shrinking sector.
(source: ana-mpa)

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