MOSCOW, Dec 1 (PRIME) -- Russia's Manufacturing Purchasing Managers' Index (PMI) fell to 46.3 in November from 46.9 in October, below the 50 no-change mark, which signals an overall decline, researcher Markit said on Tuesday.
"Russian manufacturing firms signaled accelerated declines in output and new orders in November, as the COVID-19 pandemic once again weighed significantly on demand. New export sales were a glimmer of light, however, as they increased moderately," Sian Jones, economist at IHS Markit, said, as cited in the statement.
According to the report, the number of job cuts was the highest in four months in November. Inflation pressure growth was the highest since February 2015.
The latest reading signalled the sharpest deterioration in operating conditions since May, albeit much slower than April's nadir of 31.3. November data indicated that the rate of contraction accelerated for the second month running as the manufacturing sector entered a second phase of decline since the coronavirus disease 2019 outbreak.
The overall downturn stemmed from weaker demand conditions, as new orders fell at the sharpest rate for six months. Panellists stated that demand was dampened by ongoing COVID-19 restrictions.
The decline was broadly driven by domestic demand, however, as new export orders rose at the quickest rate since December 2018.
In line with lower inflows of new work, manufacturers registered a steeper drop in production. The decrease was also the steepest since May, but far slower than the historic lows seen during the depths of the pandemic.
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