MOSCOW, Sep 2 (PRIME) -- Russia’s Manufacturing Purchasing Managers’ Index (PMI) fell to 49.1 in August from 49.3 in July, remaining below the 50 no-change mark, which means overall deterioration, researcher IHS Markit said in a research note on Monday.
“The seasonally adjusted IHS Markit Russia Manufacturing Purchasing Managers’ Index – a composite single-figure snapshot of the performance of the manufacturing economy – registered 49.1 in August, down from 49.3 in July, and signaling the fastest deterioration in the health of the Russian manufacturing sector since June. Although only marginal, latest data extended the current sequence of decline to four months,” the report said.
Weighing on the headline PMI was a stronger contraction in new orders in August. The solid fall in new business was reportedly due to weak demand conditions and the loss of key clients. Moreover, external demand was further reduced, as new exports orders fell at the sharpest pace for almost three years.
Manufacturers also indicated a decrease in workforce numbers in August, the fourth monthly contraction since April. But the level of optimism was the highest for four months and strong overall.
“The Russian manufacturing sector continued to signal a deterioration in August, with the fastest fall in new business for over four years weighing on overall operating conditions. Concurrently, domestic and external demand conditions weakened to a greater extent as firms reported a reduction in client numbers. Nonetheless, output fell only slightly as firms increased efforts to clear backlogs,” Sian Jones, economist at Markit, commented on the survey.
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