Turkey: Manufacturing gauge falls to 10-month low in May
June 2, 2014
The HSBC Manufacturing Purchasing Managers Index (PMI) fell from 51.1 in April to 50.1 in May, which represented the lowest level since July 2013. The PMI is now resting just a tick above the 50-threshold that separates expansion from contraction in business conditions.
According to HSBC, May’s figure reflected a deterioration in all five components of the index, with new orders and employment recording the largest drops. The survey suggests that manufacturing was almost stagnant in May. HSBC stated that slower domestic activity, “should also translate into moderating inflationary pressures. Already, in May, both the input and output price indexes retreated from their April levels.”