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Greece’s May manufacturing PMI increased to 43.1, up from 40.7 in April.”Despite rising to an eight-month high, the headline PMI remained deep inside contraction territory during May as output, new orders, stocks and employment all continued to be cut at rapid rates,” wrote Markit economist Paul Smith.
Key points from Markit:
- Headline index rises to eight-month high, but remains well below 50.0
- Output, new orders and purchasing all cut at slower rates
- Further job losses as lack of work reduces labour requirements
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