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Financial News: Russia Manufacturing Sector Contracts In July

Russia Manufacturing Sector Contracts In July

08/03/2020 - 07:56:00 (RTTNews)

(RTTNews) - Russia's manufacturing sector contracted in July, albeit at a softer pace, as output grew for the second straight month, survey data from IHS Markit showed on Monday.

The manufacturing Purchasing Managers' Index, or PMI, fell to 48.4 in July from 49.4 in June. Any reading below 50 indicates contraction in the sector.

Output expanded in July and production increased marginally with the rate of growth fastest since April 2019.

New export orders contracted further in July albeit at a softer pace since May 2019.

Input price inflation rose in July, with the pace of increase the second fastest since March 2019. Selling prices rose marginally.

The employment decreased due to the weaker demand conditions in July. Input buying lowered further in the beginning of the third quarter.

The degree of confidence increased to the highest in six months in July amid reports of investment in production development and hopes to return to the pre-pandemic output levels over long term.

"While it is encouraging to see confidence improving among goods producers, our latest forecast is a 6.4 percent annual contraction in industrial production in 2020 and a slow recovery in output to pre-pandemic levels," Sian Jones, an economist at IHS Markit, said.

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