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Financial News: Russia Manufacturing Sector Contraction Slows In February

Russia Manufacturing Sector Contraction Slows In February

03/02/2020 - 06:56:00 (RTTNews)

(RTTNews) - Russia's manufacturing sector contracted for a tenth straight month, but at the slowest pace in six months, in February, amid softer declines in new orders, survey data from IHS Markit showed on Monday.

The Manufacturing Purchasing Managers' Index, or PMI, rose to 48.2 in February from 47.9 in January. Any reading below 50 indicates contraction in the sector.

Production deteriorated in February amid weaker demand conditions. New orders deterioration eased in the mid of the first quarter, with the rate of contraction softest for seven months.

Price negotiations with suppliers was led by lower input buying among manufacturers.

Input costs increased at the slowest pace in the current sequence of inflation since February 2009. Cost burdens rose in February and input prices increased sharply following a hike in VAT. Output charges increased at a faster pace.

Business confidence decreased due to greater competition and weaker demand. The degree of optimism was among the lowest over two years, with rise in new orders and new product launches.

The number of workforce were reduced in February at the fastest pace as production requirements declined. Firms were able to decrease the backlogs at a moderate rate.

"Although our latest forecast points to accelerations in industrial production growth in the opening two quarters of 2020, manufacturers remain hesitant regarding their output expectations for the year ahead," Sian Jones, economist at IHS Markit, said.

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