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Financial News: Russia Factory Sector Shrinks For Second Month

Russia Factory Sector Shrinks For Second Month

07/01/2019 - 07:24:00 (RTTNews)

(RTTNews) - Russia's manufacturing activity deteriorated for the second straight month to the lowest level in a year in June, with contractions in new orders and output, survey data from IHS Markit showed on Monday.

The manufacturing purchasing managers' index, or PMI, fell to 48.6 in June from 49.8 in May.

Any reading below 50 indicates a contraction in the sector.

New export orders declined for the second straight month and production fell in June at the quickest rate since April 2016.

On the price front, input costs rose further in June. Higher prices for raw material and supplier prices led to increase in cost burdens. The inflation rate was the softest since July 2017.

Backlogs of work fell at the fastest pace since March. Lower production requirements led to further reduction in employment.

The decline in the new order volume led to a solid fall in input buying in June, where the decrease was the quickest in over four years.

Economic expectations over the next twelve months remained above its historical trend, easing to the lowest in nearly one year.

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