Russia: Manufacturing PMI falls in January
The S&P Global Manufacturing Purchasing Managers’ Index (PMI) fell to 52.4 in January from 54.6 in December. As a result, the index remained above the 50.0 no-change threshold, but signaled a softer improvement in manufacturing sector operating conditions compared to the previous month.
In January, the manufacturing sector experienced a slight slowdown. Demand growth softened as new export sales fell while new orders and employment levels remained relatively unchanged. Meanwhile, backlogs of work fell for the third consecutive month, and input and output charge inflation eased. Supply issues, labor shortages, and higher costs for raw materials were all headwinds at the outset of 2024.