Markit: Russia’s Manufacturing PMI rises to 52.6 in November
MOSCOW, Dec 3 (PRIME) -- Russia’s Manufacturing Purchasing Manager’s Index (PMI) grew to 52.6 in November from 51.3 in October, showing the maximum growth for almost 18 months, researcher Markit said on Monday.
November survey data indicated the most marked improvement in the health of the Russian manufacturing sector since July 2017. The overall expansion was driven by faster upturns in output and new business, and the strongest increase in employment since January 2017, the report said.
“The Russian manufacturing sector continued to show strength in November, with growth in output and new orders accelerating to 10-month highs. The upturn in new business from abroad also gained momentum,” Sian Jones, economist at IHS Markit, commented on the survey.
“Reassuringly, firms were upbeat towards future output and as such continued to increase workforce numbers. Job creation was the fastest since early-2017,” he said.
“Although well down on the rates seen earlier in the year, higher fuel and raw material prices led to a faster rise in input costs. That said, greater foreign and domestic demand encouraged manufacturers to increase factory gate charges at a strong pace.”