Markit: Russia June Manufacturing PMI shows worst growth in 11 mos

MOSCOW, Jul 3 (PRIME) -- Russia’s Manufacturing Purchasing Managers' Index (PMI) demonstrated that production grew for the 14th consecutive month in June, but the dynamics was the second weakest since August 2016, researcher IHS Markit said in a research note released on Monday.

PMI decreased to 50.3 points in June from 52.4 points in May, still remaining above the 50 point mark that separates growth of economic activity from its contraction.

New orders increased for a 11th consecutive month, but their dynamics was “modest and the slowest in the current growth sequence.”

“Slower expansions in both output and new orders, and downturns in employment and new export orders were primary contributing factors to the weaker overall performance. On the price front, output charge inflation softened from May, while input price inflation accelerated marginally. Meanwhile, business confidence was strong,” the research note read.

“New business from abroad received by Russian manufacturers continued to contract in June. The rate of reduction was the weakest in 2017 so far, however.”

Markit said that employment in Russian industry declined for a fourth consecutive month in June.

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