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Financial News: Russia Manufacturing Growth Slows In April

Russia Manufacturing Growth Slows In April

04/30/2019 - 08:31:00 (RTTNews)

(RTTNews) - Russia's manufacturing growth slowed in April, due to fall in new orders and employment, survey data from IHS Markit showed on Tuesday.

The Purchasing Managers' Index, or PMI, for manufacturing fell to 51.8 in April from 52.8 in March.

However, any reading above 50 indicates an expansion in the sector.

The rate of new business growth eased and new export orders remained unchanged from March.

Firms reduced their staffing levels for the second time in the last four months and the fall in employment was faster than the series trend.

Backlogs of work fell for the twentieth straight month in April.

Input cost inflation softened with fewer panelists linking the rise in purchase prices to January's hike in VAT, and the rate of increase was the slowest since March 2018. Output price inflation hit to a four-month low.

The degree of confidence among manufacturers was the second strongest since May 2013.

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