Russia PMI May 2019

Russia: Economic conditions deteriorate in May

The manufacturing Purchasing Managers’ Index (PMI) produced by IHS Markit dropped from 51.8 in April to 49.8 in May, marking a nine-month low. As a result, the index lies below the critical 50-point mark and points to contracting activity in the manufacturing sector. May’s result reflected a notable drop in employment, with firms shedding jobs at the fastest pace since March 2016. In addition, new orders and output also lost steam.

The services sector also likely lost momentum in May, with the IHS Markit Russia Services Business Activity index falling to 52.0 from April’s 52.6. Firms reported a modest rise in new business and services providers shed jobs for the first time since September.

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