Russia: Manufacturing and services PMIs jump in October
November 5, 2018
Business conditions in Russia’s manufacturing and services sectors improved in October. The manufacturing Purchasing Managers’ Index (PMI), produced by IHS Markit, rose from 50.0 to 51.3, the best result since April. As a result, the PMI lies above the 50-threshold that separates contraction from expansion in business activity in the sector.
According to IHS Markit, output and new orders growth picked up in October, driving the increase. Orders from abroad especially grew solidly in the month. In line with the improved conditions, firms added jobs at the fastest pace since January last year and business confidence remained optimistic. Regarding inflation, price pressures eased in the months.
Meanwhile, the IHS Markit Russia Services PMI rose to 56.9 in October, above September’s 54.7 and the best reading since November 2017.