Greek PMI up in Oct
Greece's Purchasing Managers' Index (PMI) recovered to 47.3 points in October, from 43.3 in September, but remained in a contraction trend which began in September 2014, Markit said on Monday.
Greek manufacturers recorded a further decline in their production levels in October, however, the contraction rate was the slowest recorded in the last five months. The report attributed this development to a combination of capital controls and lack of demand. Greek manufacturers also recorded a decline in pending works at the faster rate in the last three months, while supply inventories fell in October.
Inflow prices grew further in October, while average outflow prices fell in the month as Greek manufacturing companies offered price discounts to secure new contracts.
The PMI measures business activity in the manufacturing sector. Readings above 50 indicate a growing sector, while readings below 50 a shrinking sector.
