Survey indicates uptick in production for first time over 1.5 years last month amid improving market conditions signs
Turkey’s Purchasing Managers’ Index (PMI) for the manufacturing sector rose to 49.5 in November, according to a business survey on Monday.
Last month’s figure was up 0.9 points from previous month, revealed the report of London-based global data company IHS Markit, prepared in collaboration with the Istanbul Chamber of Industry.
The figure pointed to an uptick in manufacturing production for the first time since April 2018 in November amid signs of improving market conditions.
It noted that new orders moderated at a softer pace as client demand remained fragile.
Input cost inflation rate slowed to the weakest in 58-month, according to the report, while manufacturers cut their selling prices for the third month running.
“Finally, purchasing activity stabilized in line with production requirements, thereby ending a 19-month sequence of moderation,” it said.
The manufacturing PMI — derived from indicators for new orders, output, employment, suppliers’ delivery times and stocks of purchases — is a composite single-figure indicator of manufacturing performance.
An index value above 50 indicates the sector is growing, while a figure below 50 signals a contraction.