Turkey's manufacturing Purchasing Managers Index (PMI) registers an improvement in August
In a recent report, the Istanbul Chamber of Industry's Türkiye Manufacturing Purchasing Managers' Index (PMI) for August showed a moderate improvement compared to July. The PMI, which is a measure of the health of the manufacturing sector, stood at 47.3 in August, up from 45.9 in July.
The PMI, compiled by the Istanbul Chamber of Industry itself, is related to the manufacturing sector in Istanbul, Turkey. Any figure greater than 50 indicates an overall improvement in the sector, but the August reading suggests a continued moderation in business conditions.
Firms in the sector continued to scale back employment and purchasing activity in August, indicating a slow recovery. However, output and new orders moderated to a lesser extent compared to July, suggesting a slight improvement in demand.
Input cost inflation increased sharply in August, at a slightly faster pace than in July. Respondents linked higher input prices to currency weakness, indicating the impact of exchange rate fluctuations on the sector. Despite the increase in input costs, output prices rose at the slowest pace in the year-to-date in August, suggesting a cautious approach to price increases.
Andrew Harker, economics director at S&P Global Market Intelligence, commented that the trends observed in the latest PMI survey could indicate a brighter outlook for the sector as the year ends. He noted that the moderation in business conditions is the least pronounced since April, suggesting a potential recovery in the coming months.
It is worth noting that the PMI survey for August was conducted by S&P Global. The latest PMI reading was released on September 1.
The moderation in business conditions in the Istanbul manufacturing sector is a positive sign, but further improvements will be needed to fully recover from the impact of the pandemic. The sector will continue to face challenges, including the ongoing impact of the pandemic, currency fluctuations, and global economic uncertainty. However, the latest PMI reading suggests that the sector is moving in the right direction.
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