Downturn slows, new orders steady

A worker is shown operating a textile machine at a manufacturing plant in this file photo. Data released yesterday showed that Greece’s manufacturing sector continued to recover in June with the Purchasing Managers Index (PMI), a monthly survey of manufacturers, rising to 47.7 points from 46.1 in May, Reuters reported. Data indicated that the downturn in the manufacturing economy slowed again in June as new order levels stabilized, bringing the sector a step closer to recovery. June’s reading was the highest for the PMI since last October, although data still showed a monthly contraction. The 50-point mark separates contraction from growth.