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Financial News: Russia's Manufacturing Sector Contracts In May

Russia's Manufacturing Sector Contracts In May

06/01/2018 - 02:35:00 (RTTNews)

(RTTNews) - Russia's manufacturing activity deteriorated for the first time in nearly two years in May, survey data from IHS Markit showed Friday.

The Purchasing Managers' Index, or PMI, dropped to 49.8 in May from 50.3 in April.

Any reading above 50 indicates expansion, while a score below 50 suggests contraction in the sector.

Although the decline across the Russian manufacturing sector was only fractional, it was the first such deterioration since July 2016.

Both output and new orders grew at weaker rates in May, while employment levels contracted, marking the fifth fall in the last seven months.

On the price front, the rate of input price inflation was the fastest seen since September 2015 amid reports of exchange rate weakness. Meanwhile, output price inflation softened marginally.

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