Russia: Manufacturing PMI falls from over-two year high in April
The manufacturing Purchasing Managers’ Index (PMI) produced by IHS Markit eased from 52.8 in March, the best reading since January 2017, to 51.8 in April. Despite the fall, the index lies above the critical 50-point mark separating expansion from contraction in activity in the manufacturing sector.
April’s result reflected softer growth in new orders and production, although both continued to increase at a still-solid rate. Meanwhile, firms shed jobs in April and backlogs of orders fell signaling lingering spare capacity. Optimism among Russian manufacturers, however, stayed solid in April recording the second-strongest reading since May 2013. Regarding inflation, prices pressures moderated in April but remained sharp.