Published: Sat, September 02, 2017
Markets | By Erika Turner

Greek factory activity climbs to nine-year peak in August - PMI

Greek factory activity climbs to nine-year peak in August - PMI

Factory output grew unexpectedly in August to bring the country's manufacturing sector back into growth zone with a surge in new business orders after the GST-related contraction in July, a monthly survey showed on Friday.

Data compiler IHS Markit said its final purchasing managers' index rose to 55.8 in August from 54.9 in July, unchanged from a preliminary estimate. However, any reading above 50 indicates expansion in the sector.

The latest PMI business survey showed both the output and new orders sub-indexes nudged back into expansionary territory, pushing the pace of hiring to the highest in nearly 4-1/2 years.

ADP employment data for August estimated private-sector payrolls rose by 237,000 compared a consensus estimates of 185,000.

De Lima said, "All sub-sectors posted substantial recoveries, with capital goods outperforming its consumer and intermediate goods counterparts regarding growth rates for production".

Tropical Storm Irma forms over Atlantic
For now, Irma presents no immediate threat to any land areas, but that is increasingly likely to change by next week. Hurricane Irma has increased to a Category 3 storm with 115 miles per hour winds.

Group's Australian Performance of Manufacturing Index (PMI) jumped by 3.8 points to 59.8 last month, marking an eleventh consecutive month of growth. Although the domestic market was the prime source of new contract wins, the trend in export business remained robust.

However, stricter environmental policies were a key factor leading to longer delivery times, whilst inflationary pressures intensified as input costs and output charges both rose at faster rates.

While remaining elevated, United Kingdom inflation unexpectedly eased from 2.9% to 2.6% in July.

The survey comes out just one day after it was revealed that India's economic growth slipped to a three-year low of 5.7 per cent in April-June as disruptions caused by demonetisation spilled over to the third straight quarter amid a slowdown in manufacturing activities.

Higher demand forced firms to raise their staff numbers in August and the rate of job creation was the most marked in over seventeen-and-a-half years.

Like this: