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Factory Sector Experiences Growth

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Today's reported analysis revealed that last month, Greek factory work increased due to an employment rise for the first time in six years.  The sector also rapidly expanded regarding new orders and output.

April marks the industry's first month of enlargement since January 2009. Last month, Markit's manufacturing purchasing managers' index documented a 51.1 rise, compared to 49.7 in March.

Markit economist Phil Smith explained, "Faster growth in output and new orders helped bump the PMI back above the 50.0 threshold, but the return to growth in employment was the real highlight from April's survey...It represented a show of confidence among manufacturers that the recovery in the sector is now more embedded."

The study also found that new order growth was more rapid in April, than activity in the past few months. The consumer goods sector experienced the most growth. An increased output also occurred, however the survey determined that new employment positions were few and were mainly associated with enlarged production requirements.