Greek manufacturing sector contracts faster in October

The Greek manufacturing sector is shrinking faster, according to new purchasing managers' index (PMI) data from Markit.

PMI for the sector dropped from 47.5 to 47.3 in October, with any number below 50 implying a contraction in the sector.

Phil Smith, economist at Markit and author of the Greece Manufacturing PMI, said that having a hit a 44 month peak in August, this is the first back-to-back fall for headline PMI since early-2012.

Smith says that the faster decrease in new orders "paints a more negative picture" and that the rate of job shedding at manfacturers has also risen for the first time in seven month, which bodes ill for broader unemployment numbers.