BUSINESS

Hirings, new orders rise in manufacturing

DIMITRA MANIFAVA

TAGS: Economy

Employment in Greek manufacturing grew at the highest rate seen in the last 18 months in November, according to the latest report on Markit’s Purchasing Managers Index (PMI) issued on Friday.

Manufacturing companies were hiring as a result of new orders posting the biggest rise since February 2014.

Last month the PMI reading was 52.2 points, just 0.1 point up on October’s 52.1 points, with 50 being the line separating growth from contraction. The positive reading (over 50 points) for a sixth consecutive month highlights that the sector and the economy in general has stabilized this year.

Notably, companies remain optimistic about growth prospects in the next 12 months, which is mainly based on the availability of credit, as participating enterprises reported.

The increase in new orders is the outcome of the combination of a sale price reduction to attract buyers with the climate of increased demand in general. The broad increase in new orders was recorded not only in the domestic market but also from abroad, although their growth rate was somewhat weaker than in October.
 

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