Markit: Russia’s Manufacturing PMI rises to 51.5 in June

MOSCOW, Jul 1 (PRIME) -- The Purchasing Managers’ Index (PMI) in the Russian manufacturing sector increased to 51.5 points in June, the highest figure since November 2014, from 49.6 points in May, rising above the 50 point mark separating growth of economic activity from contraction, according to a Markit research note published Friday.

“The upturn was primarily driven by solid expansions in output and new order intakes, while workforce numbers rose, albeit at a soft pace. Buying activity increased at the sharpest pace for three years, occurring despite input price inflation accelerating to a substantial pace,” Markit said.

“Behind the upturn was a solid expansion in Russian manufacturing production. The rise was the fastest for 19 months, although still remained slightly weaker than the historical average. Additional workers were also hired, the second time this has been the case in as many months. The rate of job creation was little-changed from May and was only slight overall.”

Russian manufacturers enjoyed one of their most prosperous months for almost two years in June, with expansions recorded in production, new order intakes and workforce numbers. Demand for Russia’s goods picked up as new order growth quickened to a 19-month high. Markit said quoting its economist Samuel Agass.

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