Russia PMI October 2023

Russia: Manufacturing PMI falls in October

The S&P Global Manufacturing Purchasing Managers’ Index (PMI) fell to 53.8 in October from September’s 54.5. As a result, the index remained above the 50.0 no-change threshold, pointing to a moderating improvement in manufacturing sector operating conditions from the previous month. That said, the outturn marked the second-strongest result since January 2017.

October’s reading was boosted by healthier expansions in both manufacturing output and new orders. Strong domestic demand—thanks to import substitution and the acquisition of new customers—underpinned growth in new business, more than compensating for largely stagnant new export orders. Less positively, the rate of job creation fell to the second-slowest in eight months, while the backlogs of work rose for the first time in nearly a year, pointing to rising capacity pressures.

On the price front, input cost inflation remained elevated, with operating expenses inflated by a strong U.S. dollar, higher transportation charges and greater supplier prices. As a result, firms jacked up prices at the second-fastest pace since April 2022 in October, as they sought to pass through higher costs to customers. Lastly, sentiment rose to a three-month high in October, chiefly on stronger demand conditions.

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