Greek manufacturing growth slows in October, hiring speeds up

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. "The latest PMI data continue to paint a positive picture of Greece's manufacturing sector, with the headline PMI signalling an improvement in business conditions for the fifth month in succession," said IHS Markit economist Alex Gill. "Employment growth rebounded from last month's slowdown to one of the fastest in the survey's 18-1/2 year history, buoyed by a robust degree of business confidence, itself likely to play a key role in any future recovery," he said.