Financial News: Russian Manufacturing Activity Logs Further Strong Expansi

Russian Manufacturing Activity Logs Further Strong Expansion

06/03/2024 - 05:10:00 (RTTNews)

(RTTNews) - The Russian services activity continued to expand strongly in May as output growth strengthened amid sustained and robust customer demand in the home market, survey results from S&P Global showed on Monday.

The manufacturing purchasing managers' index, or PMI, rose to 54.4 in May from 54.3 in April. A reading above 50 indicates expansion in the sector.

Output grew at the second-fastest rate since January 2017, driven by robust demand conditions and another monthly upturn in new sales.

Despite slowing since January, the rate of growth in new orders was sharp in May. The overall expansion was attributed to increased spending on advertising, new client wins, and sustained demand conditions. Meanwhile, new export orders continued to remain weak.

In line with strong demand conditions, Russian manufacturers raised their staffing numbers, and the rate of job creation accelerated to the sharpest in more than twenty-six years.

On the price front, input price inflation accelerated to a 5-month high in May amid increased transportation and supplier costs. As a result, selling price inflation was the strongest in four months.

A deteriorated vendor performance was evident in May due to logistics delays. The confidence about growth prospects among goods producers remained upbeat despite the fact that business confidence slipped to a nine-month low.

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