Financial News: Russia Manufacturing Activity Slips In To Contraction

Russia Manufacturing Activity Slips In To Contraction

10/01/2024 - 03:42:00 (RTTNews)

(RTTNews) - Russia's manufacturing sector contracted for the first time in twenty-nine months in September amid renewed declines in output, new orders, and employment, survey results from S&P Global showed on Tuesday.

The manufacturing purchasing managers' index, or PMI, dropped to 49.5 in September from 52.1 in August. Any score below suggests contraction, while a reading above 50 indicates expansion in the sector.

Output fell at a solid pace in September due to subdued demand conditions and supplier delivery delays. Muted customer demand resulted in a decline in new orders for the first time in twenty-eight months.

Nonetheless, new export orders grew at the fastest rate in over a year amid strong demand from Central Asia.

Supply chain issues, including delays to rail transportation and international logistics, led to a sharp deterioration in vendor performance, the survey revealed.

On the price front, input price inflation remained marked in September amid raw material shortages and greater transportation fees. As a result, selling prices rose at the quickest pace since October 2023.

Manufacturing employment was also reduced by firms, with the pace of job shedding being the sharpest in almost a year.

Looking ahead, the degree of confidence in the year-ahead outlook dipped to a 19-month low.

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