By Yeliz Candemir
ISTANBUL--Turkey's purchasing managers index for manufacturing rose in January due to an increase in new export orders, data showed Monday.
The index, compiled by the Istanbul Chamber of Industry and Markit, increased to 48.7 in January from 47.7 in December. The volume of new export business rose for the fourth time in six months in January, according to the report. It showed that employment in the goods-producing sector remained stable in January compared with December.
A PMI reading below 50 signals contraction, while a reading above 50 indicates growth.
"The Turkish PMI remained below 50 at the start of 2017, mainly reflecting the output and new orders components. More positively, employment was stable during the month and exports rose. Cost pressures remained intense, linked again to the weak currency," said Trevor Balchin, senior economist at IHS Markit.
The Turkish lira has slumped 7% against the dollar since the start of the year.
-Write to Yeliz Candemir at email@example.com (END) Dow Jones Newswires February 01, 2017 02:55 ET (07:55 GMT) Copyright (c) 2017 Dow Jones & Company, Inc.
(END) Dow Jones Newswires
February 01, 2017 02:55 ET (07:55 GMT)
Copyright (c) 2017 Dow Jones & Company, Inc.