Turkish manufacturing activity grew at its fastest rate this year in November, benefiting from a stronger lira after November's election re-run restored the AK Party to single party government. The PMI rose above the no-change mark of 50.0 in November, posting 50.9, up from 49.5 in October. The headline figure signalled an improvement in manufacturing business conditions, and was in line with its average since the survey started in June 2005.
Indexes covering output, new orders, purchasing activity and employment all rose from a month ago. "Turkey's manufacturers turned out the best performance of the year so far in November, with the PMI above the crucial 50.0 growth threshold and at its highest level since December 2014," Trevor Balchin, Senior Economist at Markit, said. "The sector also benefited from a weaker rise in input prices during the month as the lira strengthened further from its September nadir." Manufacturers raised their purchasing activity for the first time in three months in November. Moreover, the rate of expansion was the strongest since May. The volume of inputs held in stock was broadly unchanged, however, as some firms reported efficiency drives. Manufacturing employment rose for the third month running in November. The rate of job creation was little-changed from October's eight-month high, and stronger than the long-run survey average.
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