Turkey: Manufacturing PMI rebounds in July
August 3, 2015
The Markit Manufacturing Purchasing Managers’ Index (PMI) increased from 49.0 in June to 50.1 in July, inching up into expansionary territory. As a result, the PMI now lies above the 50-threshold that separates expansion from contraction in manufacturing conditions.
July’s rise mainly reflected improvements in output and new orders. After six-months of contraction, output was broadly stable in July, supported by a drop in backlogs of work. Although new orders recorded a seventh consecutive month of decline, the drop was more moderate than in previous months. Employment increased in July for the fourth consecutive month, albeit at a moderate pace. Markit analysts added that, “the Turkish manufacturing sector showed signs of stabilizing in July, but underlying conditions remained weak.”