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Financial News: Russia Manufacturing Sector Deteriorates In October

Russia Manufacturing Sector Deteriorates In October

11/02/2020 - 03:43:00 (RTTNews)

(RTTNews) - Russia's manufacturing sector contracted in October, amid a fall in production and a quicker contraction in new orders, survey data from IHS Markit showed on Monday.

The headline seasonally adjusted IHS Markit Russia Manufacturing purchasing managers' index fell to 46.9 in October from 48.9 in September.

A PMI reading below 50 suggest contraction in activity.

New orders inflow declined at the fastest pace in five months in October, while new export orders rose for the first time since December 2018.

Business confidence decreased to the lowest since May and output grew for the coming 12 months.

Employment declined at a solid rate in October with the rate of job shedding faster than the series average. Backlogs of woks depleted, with the pace of contraction accelerating to a strong rate.

Input buying contracted in October and suppliers' delivery time lengthened amid shortage in raw materials.

Input prices increase at the sharpest pace since August 2018 and selling prices rose steeply. The rate of charge inflation was the quickest since February last year.

"Our latest forecast anticipates that the Russian manufacturing sector will remain in contraction until the second quarter of 2021, as challenging domestic demand and ongoing uncertainty regarding the pandemic are expected to weigh on the recovery," Sian Jones, economist at IHS Markit, said.

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