Turkey's manufacturing PMI rises to 49.5 in November

Marco Green
December 2, 2019

The PMI for high-tech manufacturing, equipment manufacturing and consumer goods manufacturing stood at 51.7, 51 and 51.1, respectively, all rising for two consecutive months.

Despite the slower pace of decline, the index stayed below the 50.0 threshold that separates contraction from expansion for a seventh month, marking the longest such run since a nine-month stretch from June 2012 to February 2013.

"The UK manufacturing downturn continued in November, as businesses responded to the delay to Brexit and a fresh injection of uncertainty from the forthcoming general election", report IHS Markit, compilers of the PMI survey.

Greek manufacturing growth picked up in November on the back of sharper expansions in production and new orders, leading firms to add staff at a faster pace, a survey showed on Monday.

Foreign client demand strengthened as the rate of new export order growth accelerated to a six-month high.

The manufacturing PMI - derived from indicators for new orders, output, employment, suppliers' delivery times and stocks of purchases - is a composite single-figure indicator of manufacturing performance.

While a measure of demand - the new orders sub-index - rose to 52.0 from 51.3 in October, a sub-index measuring hiring by factories went below the breakeven point for the first time since March previous year.

ING economist Iris Pang said: "We expected some improvement in domestic new orders, but the data has surprised us by coming earlier than our expectations".

But the latest report also says the manufacturing sector is still facing downward pressure. "So while we still look for GDP growth to recover next year, we doubt that the manufacturing sector will play a role", says Tombs.

Other reports by Click Lancashire

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