Greece's manufacturing activity contracted for a second straight month in July as output declined and new order growth slowed, results of a survey by Markit Economics showed Friday.
The Markit manufacturing purchasing managers' index, or PMI, fell to 48.7 in July from 49.4 in June. This was the lowest reading since October 2013. A reading below 50 signals contraction in activity.
This decline was driven by the drop in manufacturing output in July, after eight consecutive months of growth. Growth in new orders declined at an accelerated rate and staffing levels decreased in July.
Stocks of purchases slipped in July at the slowest rate since August 2009. Supplier delivery times rose and input costs increased marginally.
Output prices continued to decline in July at the fastest rate in three months.
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