Financial News: Russia Manufacturing Activity Expands Slightly In October

Russia Manufacturing Activity Expands Slightly In October

11/01/2024 - 02:47:00 (RTTNews)

(RTTNews) - Russia's manufacturing sector bounced back somewhat in October as the decline in output and new orders softened, survey results from S&P Global showed on Friday.

The manufacturing purchasing managers' index, or PMI, rose to 50.6 in October from 49.5 in September. A reading above 50 indicates expansion, while any score below 50 suggets contraction in the sector.

Although output and new orders continued to contract, rates of decrease eased and were only marginal, the survey said. Meanwhile, new export orders grew further and at the fastest pace since early 2008 amid stronger demand from customers in neighboring countries.

Russian goods producers registered a fresh rise in employment amid burgeoning pressure on capacity.

On the price front, input price inflation accelerated to a three-month high, driven by higher shipping and rail transportation costs, increased supplier prices, and unfavorable exchange rate movements. As a result, prices also increased at a quicker rate.

Firms remained optimistic about output expectations over the year ahead amid planned investment in automation and new product development. Nonetheless, the expansion in input buying slowed as firms opted to work through their stocks to supplement sales and production.

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