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

• 05.11.2024
• News

Istanbul Chamber of Industry (ICI) published November 2024 Report on the developments in the Global Manufacturing Purchasing Managers’ Index (PMI) in the World. The Global PMI rose to 50.0 in November, up from 49.4 in October. Thus, the index signaled a stable course for the global manufacturing sector as a whole after the deterioration in the period of June to October. In November, new orders in the world’s manufacturing sector increased slightly for the first time in 5 months. Thus, output growth accelerated compared to October, albeit still slowly. On the other hand, the weakness in exports continued to a large extent. 

The relative improvement in demand and output had a positive impact on expectations. Nevertheless, employment losses continued, albeit at a slower pace. Due to the deterioration in supply chains for 6 months, both input costs and selling prices increased moderately. As in October, 18 of the 32 national economies for which the Manufacturing PMI is available contracted in November. Conditions in China and other Asian economies generally improved, while the deterioration deepened in most of the Eurozone. The details of the report are as follows: