S&P Global: Russia’s Manufacturing PMI rises to 51.7 in Aug

MOSCOW, Sep 1 (PRIME) -- Russia’s Manufacturing Purchasing Managers’ Index (PMI) grew to 51.7 in August from 50.3 in July, staying above the no-change mark of 50 for a third month in a row, research agency S&P Global said in a statement on Thursday.

“Russian manufacturing firms recorded a modest improvement in operating conditions during August... The upturn was supported by stronger domestic demand which drove output higher. External sales remained in contraction territory and fell at the fastest pace since May, acting as a drag on the sector,” the agency said.

“Firms continued to cut their workforce numbers as backlogs of work were reduced further and at a solid pace in a sign of excess capacity. Manufacturers remained upbeat regarding the outlook for output over the coming year, however, as stronger domestic demand conditions buoyed expectations,” the agency said.

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