Greece Just Hit A Major Milestone In Its Economic Recovery

Four the first time in more than four years, Greek manufacturing output has expanded.

Overall, the manufacturing sector remains in contraction (barely) but after a brutal period, there's a legitimate light at the end of the tunnel.

Here's the summary of what's going on, from Markit:

November saw output at Greek manufacturers rise for the first time since September 2009, which in turn helped lift the headline Markit Greece Manufacturing Purchasing Managers' Index® (PMI® ) - a composite indicator designed to provide a single-figure snapshot of operating conditions in the manufacturing economy - from 47.3 in October to 49.2, its highest level in 51 months.

New orders meanwhile stabilised after having fallen in the prior month and employment decreased at a slower rate, both developments also contributing to the PMI's rise. Production levels at Greek manufacturers rose slightly during November, thereby ending a run of contraction that started in late-2009. Growth was confined to just the consumer goods sector, however, with intermediate and capital goods manufacturers recording lower output levels.

Here's the chart showing that the overall manufacturing sector is very close to being in growth again.