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Financial News: Turkey Manufacturing Sector Expansion Slows In September

Turkey Manufacturing Sector Expansion Slows In September

10/01/2020 - 08:01:00 (RTTNews)

(RTTNews) - Turkey's manufacturing sector grew further in September, albeit at a slower pace, survey data from IHS Markit showed on Thursday.

The Istanbul Chamber of Industry Turkey manufacturing Purchasing Managers' Index, or PMI, fell to 52.8 in September from 54.3 in August. Any reading above 50 indicates expansion in the sector.

Output and new orders expanded further in September as demand improved.

The rate of job creation rose at a faster pace since February 2018 as firms responded to higher new orders. Backlogs of works were reduced in September.

Inflationary pressure continued to increase in September and input cost inflation quickened for the second straight month and was the fastest since October 2018. Output prices rose to the highest for two years.

Purchasing activity rose for the fourth month in a row in September with new orders and production requirements.

"Firms will be hoping that trends remain positive over the final quarter of the year to keep the recovery going," Andrew Harker, economics director at IHS Markit, said.

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