The flat trend in the manufacturing PMI continues

The Purchasing Managers’ Index (PMI) for the manufacturing industry did not change compared to the previous month and reached 51.5 in June, which shows that the sector’s recovery continues.

The manufacturing PMI was unchanged at 51.5 in May.

Production increased in the fourth month, nearing the two-year peak.

The manufacturing PMI, compiled by S&P Global for the Istanbul Chamber of Industry (ICI), came in at 51.5 in May.

Production growth increased for the fourth consecutive month, the fastest level since July 2021.

PRODUCTION GROWTH

Companies attributed the increase in production to improving demand, as well as a recovery after the devastating earthquake in February and increased activity after the election period.

The production subindex went from 52 to 53.4 in June.

Assessing the PMI data, Andrew Harker, S&P Global Economics Director, said: “Output in the manufacturing sector rose well in June and financial output finished the first half of the year as a whole positive with the demand. . On the other hand, companies continued to struggle with the depreciation of TL. This weakness limited new order growth and caused the easing of inflation-driven pressures to come to a sudden halt,” he said.

“A more positive development is that manufacturers continue to increase their employment rates and purchasing activities, indicating that they remain optimistic about the outlook for the second half of the year,” Harker said. (Reuters)