Greek PMI recovered in April

Greece's Purchasing Managers' Index (PMI) recovered to 46.8 points in April from 45.4 in March showing signs of recovery in business conditions in the country's manufacturing sector, the highest reading since January 2010.
Manufacturing production fell for the 19th consecutive month in April, although the rate of decline was the slowest since December 2009. Export new orders fell slightly, while unemployment continued rising as a result of lower sales levels, while weak demand depleted inventories. Pending works by Greek manufacturers fell with the faster rate in the last three months in April reflecting lower levels of incoming new jobs.

Average factory prices fell for the second consecutive month in April, while higher import cost pressures continued in April, although at the slower rate since November 2010.

The purchasing managers' index measures business activity in the manufacturing sector. Readings above 50 indicate a growing sector, while readings below 50 a shrinking sector.

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