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Financial News: Russia Manufacturing Sector Recovers In January

Russia Manufacturing Sector Recovers In January

02/01/2021 - 06:51:00 (RTTNews)

(RTTNews) - Russia's manufacturing sector expanded in January, after contracting in the previous month, survey data from IHS Markit showed on Monday.

The headline seasonally adjusted IHS Markit Russia Manufacturing purchasing managers' index rose to 50.9 in January from 49.7 in December. Any reading above 50.0 indicates expansion in the sector.

Production rose for the first time since September last year and expansion in output led to stronger client demand and rise in new orders.

New business expanded in January, while export orders declined at the sharpest rate since last May.

Employment increased in January, with the rate of job creation quickest over the past two years. Backlogs of work decreased and the level of outstanding business fell at a softer pace for four months.

Suppliers' delivery time lengthened in January.

Input costs increased in January and selling prices rose further. The rate of charge inflation was the second-fastest since February 2019.

Business confidence increased in January on hopes of an end to the coronavirus disease amid the start of the vaccination drive.

"Nonetheless, overall cost inflation in the manufacturing sector eased at the start of the year, which is in line with forecasts from the Central Bank of Russia that anticipate weaker inflationary pressures as 2021 progresses," Sian Jones, economist at IHS Markit, said.

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