Turkey: Manufacturing PMI falls to multi-year low in July
August 1, 2014
The HSBC Manufacturing Purchasing Managers Index (PMI) fell moderately from 48.8 in June to 48.5 in July, which represented the lowest level since April 2009. As a result of the fall, the PMI remains below the 50-threshold that separates expansion from contraction in business conditions.
According to HSBC, July’s figure, “points to continued weakness in the manufacturing sector. New orders have been falling for three months now, and new export orders for two. Backlogs of work and quantity of purchases were also below the 50.0 threshold, while the forward-looking new orders minus inventories measure retreated to its lowest level since March 2012.” The only positive note was a further increase in employment.