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Tuesday, Markit Economics reported that the Turkey HSBC Manufacturing Purchasing Managers' Index stood at a seasonally adjusted 51.8 in November. A reading above 50 indicates expansion, while one below 50 suggests contraction. This marks the seventh straight month in which the PMI has posted above the neutral 50-level. However, the rate of expansion eased since October to a six-month low.
Manufacturing output increased at a robust pace in November, although the pace of growth eased for the fifth successive month. New order growth also slowed during the month, to its lowest in the current seven-month period of expansion. Nonetheless, growth remained higher than the historical average for the series, as the ongoing recovery in economic conditions supported demand.
Higher output requirements fuelled an increase in employment levels in the manufacturing sector. Further, input prices faced by Turkish manufacturers increased for the sixth consecutive month, while output prices were slashed as pricing power remained weak.
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