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

• 06.11.2024
• News

Istanbul Chamber of Industry (ICI) released its October 2024 Report on the developments in the Global Manufacturing Purchasing Managers’ Index (PMI) in the World. The Global PMI posted 49.4, up from 48.7 in September (11-month low) remain below the neutral 0.0 mark for the fourth month in a row, signalling contraction at the start of the final quarter. A positive note in October was that the output index rose to 50.1 from 49.2, indicating the end of the decline. The new orders index, on the other hand, increased by 1.6 points to 48.8, indicating that demand remained stagnant, especially due to the weakness in global trade.

The general stagnancy in the sector also led to weak expectations for the near future. Global manufacturing employment fell for the third consecutive month in October. Inflation remained almost unchanged from September in both input costs and finished goods prices. Of the 32 nations for which Global PMI data are available, 18 reported deteriorating business conditions on a monthly basis. However, this number was higher in the previous month, at 22, and five countries that recorded weakness in September returned to growth zone in October. The contraction in 9 economies eased compared to the previous month.

The details of the report are as follows: