Greece Manufacturing Contraction Slows In December

(RTTNews) - Greece's manufacturing activity fell for the fourth straight month in December, but at a slower pace, as output and employment rose nominally, survey figures from Markit Economics showed Friday.

The seasonally adjusted purchasing managers' index rose to 49.4 in December from 49.1 in the previous month. But, any reading below 50 indicates contraction in the sector.

Manufacturing production grew for the first time in four months, albeit at a weaker pace in December.

The level of new order intakes decreased for the forth successive month, at slightly faster pace, primarily reflective of export orders having dropped markedly.

Firms raised their staffing levels modestly, after six straight months of job cuts in the sector. The rate of job creation was the fastest seen since October 2007.

On the price front, input prices dropped in December, continuing a trend that stretches back to early 2011. At the same time, output prices also declined at a solid rate due to weak demand and pricing competition.