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Financial News: Russian Manufacturing Activity Deteriorates For Third Mont

Russian Manufacturing Activity Deteriorates For Third Month

09/01/2021 - 08:04:00 (RTTNews)

(RTTNews) - Russia's manufacturing activity deteriorated for the third straight month in August, survey data from IHS Markit showed on Wednesday.

The IHS Markit Russia Manufacturing Purchasing Managers' Index, or PMI, fell to 46.5 in August from 47.5 in July. A PMI reading below 50 signals contraction in the sector.

Output and new orders declined sharply in August.

Total sales dropped due to a fall in foreign customer demand. The decrease in new export orders was the quickest since May last year.

Backlogs of work declined further in August and the number of workforce decreased for the third straight month.

Inflationary pressure softened to the slowest since September last year. Input prices increased ad output charge inflation accelerated.

Suppliers' delivery times lengthened the least in nine months.

Business confidence regarding the outlook for output for the next 12-month strengthened in August.

"Our current forecast for industrial production expects a rise of 5.9 percent on the year in 2021, although downside risks to growth remain apparent as virus cases remain high and customer demand softens," Sian Jones, an economist at IHS Markit, said.

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