Financial News: Russian Factory Growth Improves On Robust Demand

Russian Factory Growth Improves On Robust Demand

12/02/2024 - 03:11:00 (RTTNews)

(RTTNews) - Russia's manufacturing sector activity expanded at an accelerated pace, thanks to renewed rises in output and new orders amid an improvement in demand conditions, survey results from S&P Global showed on Monday.

The manufacturing purchasing managers' index, or PMI, rose to 51.3 in November from 50.6 in October. A reading above 50 indicates expansion.

New orders showed an increase in November amid a pickup in demand conditions, thereby ending a two-month period of decline. Foreign demand was also favorable as export orders grew for the fourth straight month.

Consequently, firms raised their production levels slightly in November, following back-to-back contractions.

Meanwhile, there was a fresh decline in employment due to staff shortages, but the pace of job shedding was only marginal. Delays to supplier deliveries continued in November, while firms increased their purchasing activity further.

On the price front, input price inflation quickened to the strongest since October last year, linked to hikes in supplier prices and unfavorable exchange rate movements. As a result, selling prices rose at the fastest pace in over a year.

Looking ahead, business confidence among Russian manufacturers strengthened, and the degree of optimism was the highest in four months.

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