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Financial News: Russia Manufacturing Slowdown Continues

Russia Manufacturing Slowdown Continues

09/02/2019 - 06:26:00 (RTTNews)

(RTTNews) - Russia's manufacturing sector contracted for a fourth straight month in August amid the fastest fall in new orders in four years, survey data from IHS Markit showed on Monday.

The Purchasing Managers' Index, or PMI, for the manufacturing sector fell to 49.1 in August from 49.3 in July. Any reading below 50 indicates contraction in the sector.

New orders contracted at the fastest paces since May 2015 and foreign demand decreased at the sharpest pace in three years.

Employment level decreased for the fourth straight month since April and backlogs of works declined in August.

On the price front, input price and output price inflation climbed in August and prices of imported raw materials rose.

"Despite a rise in the degree of optimism towards output growth over the coming year, firms were hesitant to hire more employees amid a sustained decline in client demand," Sian Jones, economist at IHS Markit, said.

"Confidence, however, reportedly stemmed from planned investment in new machinery and new product development."

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