Greece manufacturing PMI registered at 42.2 in September, which is basically unchanged from 42.1 in August.
Here are key points from Markit:
- Output levels drop on sharp decrease in new orders
- Steepest decline in foreign order intakes since January 2009
- Cost pressures strongest for over a year
From Markit economist Phil Smith:
“Greek manufacturers endured another challenging month in September, with the global economic slowdown adding to continuing domestic woes. Output and employment were reduced in accordance with weakening demand, though excess capacity seemingly remained as backlogs were cleared at a faster pace.
“Manufacturers’ balance sheets were not only hurt by adverse developments on the demand side, but also as a result of a rise in cost pressures brought about by accelerating purchase prices. Input cost inflation increased for the third month running to the fastest for a year, and compared with another marked decrease in factory gate prices as businesses actively sought to encourage sales.”