Greek factory activity shrinks in May for ninth straight month

Greek manufacturing activity shrank in May for the ninth month in a row, but the pace of decline in new business and production slowed from April, leading companies to add jobs for the first time in six months, a survey showed on Thursday.

Markit's Purchasing Managers' Index (PMI) for manufacturing, which accounts for about 10 percent of the economy, rose to 49.6 from 48.2 in April. Readings below 50 denote contractions in activity.

The rate of decline in new orders, including from abroad, was the lowest seen so far this year, leading manufacturers to slightly reduce output.

"May's PMI signaled a further worsening of conditions in the Greek manufacturing sector. Nonetheless, underlying trends were more positive as the rate of deterioration eased for the second successive month," said IHS Markit economist Alex Gill.

Faced with lower production requirements,...