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Financial News: Russia Manufacturing Sector Contraction Slows In January

Russia Manufacturing Sector Contraction Slows In January

02/03/2020 - 05:58:00 (RTTNews)

(RTTNews) - Russia's manufacturing sector contracted at a slower pace in January, amid declines in production and new orders, survey data from IHS Markit showed Monday.

The Manufacturing Purchasing Managers' Index, or PMI, rose to 47.9 in January from 47.5 in December. Any reading below 50 indicates contraction in the sector.

Output decreased at the least marked pace in five months in January.

New business decreased further at a solid rate in January and the decline was commonly attributed to lower domestic and foreign client demand. New export sales fell for the ninth month in a row, but at a slower pace.

Business confidence increased in the beginning of 2020, with manufacturers rising at a stronger level of positive sentiment regarding the outlook for output in the coming 12 months. The degree of optimism rose to the highest in five months boosted by product launches and hopes of greater client demand, the survey reported.

On the price front, input costs rose at a historically slower pace in January and output charges increased marginally.

Inventory levels fell further in January and delivery times continued to deteriorate amid logistical issues at suppliers.

The number of workforce were reduced in January, though the rate of job shedding was marginal, and backlogs of work fell at a sharper pace as pressure on capacity was further reduced.

"Our current forecast for industrial production growth in the opening three months of 2020 is just under 2 percent compared to the same period a year ago, with the expansion set to gradually quicken as the year progresses," Sian Jones, economist at IHS Markit, said.

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