Turkish manufacturing activity contraction slows in August

By Tuba Sahin

ANKARA (AA) - Türkiye’s manufacturing activity contraction slowed in August compared to a month ago, according to final Purchasing Managers’ Index (PMI) data released on Thursday.

Türkiye’s manufacturing PMI ticked up to 47.4 in August from 46.9 in July, signaling slightly softer moderation in the health of the manufacturing sector, although business conditions have eased in six successive months.

Manufacturing output moderated to a lesser degree while production slowed solidly amid challenging market conditions and high prices, US-based financial services company S&P Global said in a statement.

New orders slowed at a sharper pace in August and the rate of moderation was the fastest since May 2020.

However, employment continued to improve, with the rate of job creation picking up to a three-month high.

The report also noted that rates of both input cost and output price inflation eased further, and were the weakest in 31 and 18 months, respectively.

"Less pronounced price rises may help to limit the slowdowns in demand over the months ahead," Andrew Harker, economics director at S&P Global, said.