MOSCOW, Aug 1 (PRIME) -- Russia’s Manufacturing purchasing managers' index (PMI) grew to 49.3 in July from 48.6 in June, remaining lower than the 50 no-change mark, which means overall deterioration, IHS Markit said in a research note on Thursday.
Manufacturing declined for a second month in a row, yet at a slower pace compared with June, on the back of new business reduction.
"Russian manufacturers continued to highlight difficult demand conditions going into the second half of 2019, with new orders contracting for the second month running. Lower client purchasing power and issues with finance reportedly hampered demand from domestic and foreign customers,” Sian Jones, researcher at HIS Markit, said, as cited in the report.
She said that employment increased for the first time since March despite a manufacturing fall, which was partially due to fulfillment of current orders, but was insignificant. Inflation pressure weakened because a slow raw material price rise and discounts by some companies prevented price increase overall.
For more details of the report, please, click on https://www.markiteconomics.com/Public/Home/PressRelease/7577ceefa7784ec7bbfd2f058234ff98
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