Istanbul Chamber of Industry (ICI) Released January 2024 Report on Developments in the Global Manufacturing PMI

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Istanbul Chamber of Industry (ICI) published its January 2024 Report on the developments in the Global Manufacturing Purchasing Managers’ Index (PMI) in the World. The Global Manufacturing PMI showed signs of stabilisation at the start of 2024 at 50.0 in January, after dropping 0.3 points in December, a level consistent with nochange in business conditions over the month. After contracting for 7 successive months, output volumes edged higher for the first time since May 2023 as new order intakes fell at the slowest rate in the current 19-month downturn in demand. Rates of contraction in employment eased to a four-month low since October. 

Average input price inflation accelerated to a three-month high in January. And part of the increase in costs was reflected in the form of higher selling prices. Of the 31 nations for which Global PMI data are available, 17 posted below the 50 nochange mark in January, signalling a contraction in the industry. But that number dropped from 20 in December and another positive note was that 27 nations saw an increase on a monthly basis.

The details of the report are as follows:

Manufacturing PMI Developments in the World (January 2024) Attach