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Financial News: Russia Manufacturing Activity Contracts In May

Russia Manufacturing Activity Contracts In May

06/03/2019 - 05:25:00 (RTTNews)

(RTTNews) - The Russian manufacturing activity deteriorated in May, as employment declined and output and new orders softened, survey data from IHS Markit showed on Monday.

The Purchasing Managers' Index, or PMI, for manufacturing fell to 49.8 in May from 51.8 in April. The latest decline was the fist in nine months.

Any reading below 50 indicates a contraction in the sector.

New business growth eased marginally and new export orders fell slightly in May.

Workforce numbers were reduced by the firms for the second successive month. Backlogs of works was cleared at a stronger rate.

Cost burden rose at a softer pace since August last year. The inflation rate eased and was solid. Purchasing activity remained unchanged and input inventories declined.

"Although input costs increased solidly, factory gate charges rose at the slowest rate since March 2018 amid softer demand conditions and greater competition," Siân Jones, economist at IHS Markit, said.

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