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Financial News: Russia Factory Growth Improves In September

Russia Factory Growth Improves In September

10/02/2017 - 02:19:00 (RTTNews)

(RTTNews) - Russia's manufacturing sector strengthened further in September, driven by solid expansions in output and new orders, data from IHS Markit showed Monday.

The factory Purchasing Managers' Index rose to 51.9 in September from 51.6 in August. Any score above 50 indicates expansion in the sector.

Production continued to rise across the manufacturing sector. Although slightly weaker than August, the growth rate was in line with the long-run series average.

New orders grew at a solid rate that was in line with that seen in August.

New export orders grew for the first time since August 2013, albeit only fractionally.

The sustained upturn in production was also a key factor behind the return of job creation, with staffing levels rising for the first time in seven months.

On the price front, input price inflation accelerated to a ten-month high, led by higher raw material costs and supplier shortages. As a result, output price inflation reached its strongest in this year so far.

"Boding well for future performance, confidence among Russian goods producers towards output prospects in the year ahead improved, with the degree of optimism reaching a 28-month high," Sian Jones, Economist at IHS Markit, said.

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