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Financial News: Turkey Manufacturing Activity Weakens Further

Turkey Manufacturing Activity Weakens Further

08/01/2019 - 07:24:00 (RTTNews)

(RTTNews) - Turkey's manufacturing activity deteriorated again in July, survey data from IHS Markit showed on Thursday.

The Istanbul Chamber of Industry Turkey manufacturing purchasing managers' index, or PMI, fell to 46.7 in July from 47.9 in June.

Any reading below 50 indicates a contraction in the sector.

New orders softened in July and new export orders remained unchanged, which led to a rise in output.

The decline in production requirements led to a decrease in the employment level. Delivery times improved for the first time in twenty-seven months.

Input costs increased in July, but the rate of inflation eased for the second month in a row, marking below the average. Output prices softened to the lowest in five months.

"Waning inflationary pressures signaled by the PMI in recent months provided scope for the Central Bank of Turkey's July interest rate cut," Andrew Harker, associate director, IHS Markit, said.

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