Markit: Russia’s Manufacturing PMI rises to 50.8 in August

MOSCOW, Sep 1 (PRIME) -- The Purchasing Managers’ Index (PMI) in the Russian manufacturing sector increased to 50.8 points in August from 49.5 points in July, pointing to a marginal improvement in the country’s manufacturing operating conditions, according to a Markit research note published on Thursday.

The upturn in the sector was driven by modest production growth and higher new order intakes. However, workforce numbers contracted further while firms continued to lower their inventories throughout the month, Markit said.

“August’s headline PMI posted above the 50.0 no-change mark for only the second time since the start of 2016, after modest growth was recorded in both new orders and output. The rise in new business will come as welcome news to Russian manufacturers after experiencing stuttering demand conditions throughout 2016. Firms will now be hopeful that a steady sequence of expanding new business can be maintained throughout the coming months,” Samuel Agass, an economist at Markit, commented on the survey.

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