Manufacturing PMI declines for fifth consecutive month

ISTANBUL

The headline Istanbul Chamber of Industry (İSO) Türkiye Manufacturing headline PMI reading decreased for the fifth consecutive month in July, posting 47.2 from 47.9 in June.

Any figure greater than 50 indicates overall improvement in the manufacturing sector.

Demand weakness led to a further moderation of new orders, with production and employment following suit, said the survey on Aug. 1.

Firms continued to experience supply-chain delays and saw rates of input cost and output price inflation tick higher from the position in June,” it added.

“The index signaled a solid slowdown in business conditions in the sector, and one that was the most pronounced since last November.”

Central to the latest moderation in the health of the sector was a marked softening of new orders amid challenging market conditions, it said.

Central to the latest moderation in the health of the sector was a marked softening of new orders amid challenging market conditions, according to the survey.

Shortages of workers also reportedly impacted negatively on production volumes.

Input costs were up sharply in July, reflecting higher prices for raw materials and oil, as well as weakness of the lira against the U.S. dollar, showed the survey.