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<\/p>\nT\u00fcrkiye’s manufacturing activity moderated further in September as new orders and output shrank at faster rates, a top business survey showed on Wednesday.<\/p>\n
The Turkish manufacturing purchasing managers’ index (PMI) slipped to 46.7 last month from 47.3 in August, a survey published by the Istanbul Chamber of Industry (ISO) and S&P Global revealed.<\/p>\n
Any reading below 50 indicates a contraction in activity.<\/p>\n
The sector has now seen activity contract for 18 months in a row as it grapples with muted demand, leading in September to a sharper slowdown in new orders and exports and prompting firms to scale back production, the survey showed.<\/p>\n
Anecdotal evidence from the panel highlighted a challenging demand environment, which resulted in firms depleting outstanding business while excess finished products were added to inventories.<\/p>\n
With workloads remaining subdued, manufacturers were hesitant to hire additional staff and opted to use some of their existing stockpiles of inputs rather than purchasing new materials, the survey showed.<\/p>\n
“Demand conditions remained challenging in September, with output, employment and purchasing all scaled back as a result,” said Andrew Harker, Economics Director at S&P Global Market Intelligence.<\/p>\n
“Meanwhile, there was some uplift in rates of inflation, again linked to currency weakness, but price pressures remained relatively subdued,” he added.<\/p>\n
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