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Financial News: Russian Manufacturing Activity Logs Strong Upturn In June

Russian Manufacturing Activity Logs Strong Upturn In June

07/01/2024 - 04:47:00 (RTTNews)

(RTTNews) - Russia's manufacturing sector continued to expand strongly in June amid a steep rise in output and new orders, survey results from S&P Global showed on Monday.

The manufacturing purchasing managers' index, or PMI, rose to 54.9 in June from 54.4 in May. A reading above 50 indicates expansion in the sector.

New orders showed further sharp growth in June on the back of sustained demand conditions and new client wins. Moreover, export demand returned to growth for the first time in three months.

As a result, output levels increased at one of the fastest in seven and a-half years. Firms also lifted their workforce numbers again, and the rate of job creation was the most marked on record.

On the price front, input price inflation rose to the sharpest rate since November last year, linked to on-going logistics issues and higher transportation and supplier prices. Consequently, selling prices increased markedly.

Looking ahead, the Russian goods producers remained positive about output expectations over the coming year, buoyed by planned investment in new product development and outreach to new clients.

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