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.

For comments and feedback: contact editorial@rttnews.com

Market News provided by RTTNews

RECENT INTERNATIONAL FINANCIAL NEWS

Mexico Q3 GDP Growth Eases Less Than Estimated (15 min(s) ago)
(RTTNews) - The Mexican economic growth moderated less than initially estimated in the third quart ...Full Story»

Eurozone Private Sector Falls Back Into Contraction (36 min(s) ago)
(RTTNews) - The euro area private sector fell back into the negative territory in November as serv ...Full Story»

German Private Sector Continues To Shrink (01 hr(s), 26 min(s) ago)
(RTTNews) - Germany's private sector continued to contract in November as sustained weakness i ...Full Story»

France Private Sector Falls Deep Into Contraction (01 hr(s), 49 min(s) ago)
(RTTNews) - France's private sector contracted the most since January as prolonged weakness in ...Full Story»

UK Private Sector Contracts Modestly In November (02 hr(s), 54 min(s) ago)
(RTTNews) - The UK private sector activity deteriorated for the first time in just over a year in ...Full Story»

UK Retail Sales Fall More Than Expected (04 hr(s), 25 min(s) ago)
(RTTNews) - UK retail sales declined more than expected in October as consumers reduced their spen ...Full Story»

Lithuania Industrial Production Falls 0.4% (05 hr(s), 21 min(s) ago)
(RTTNews) - Lithuania's industrial output decreased in October due to a sharp contraction in t ...Full Story»

Germany Narrowly Skirts Recession In Q3 (05 hr(s), 43 min(s) ago)
(RTTNews) - The German economy grew marginally in the third quarter after a contraction, preventin ...Full Story»