All signs point to econ­omy sink­ing fur­ther

Kathimerini English - - Front Page -

Greece’s bruis­ing fight with its in­ter­na­tional cred­i­tors sent eco­nomic sen­ti­ment to its low­est level in nearly three years in July and knocked man­u­fac­tur­ing ac­tiv­ity down to record lows in July, go­ing back at least 16 years. Sig­nif­i­cantly, Markit’s pur­chas­ing man­agers’ in­dex (PMI) showed new or­ders plum­met­ing. “Man­u­fac­tur­ing out­put col­lapsed in July as the debt cri­sis came to a head,” said Markit economist Phil Smith. “Although man­u­fac­tur­ing rep­re­sents only a small por­tion of Greece’s to­tal pro­duc­tive out­put, the sheer mag­ni­tude of the down­turn sends a wor­ry­ing sig­nal for the health of the econ­omy as a whole.” The IOBE think tank showed eco­nomic sen­ti­ment hit its low­est level in al­most three years in July, hurt by bank­ing re­stric­tions and po­lit­i­cal un­cer­tainty. The in­dex, which mea­sures ex­pec­ta­tions in in­dus­try, ser­vices, re­tail and

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