Russia PMI October 2019

Russia: Manufacturing PMI inches up in October

The manufacturing Purchasing Managers’ Index (PMI) produced by IHS Markit edged up to 47.2 in October from 46.3 in September, marking the second-worst result since May 2009. As a result, the index remained below the critical 50-threshold, suggesting that activity in the manufacturing sector contracted for the sixth consecutive month in September.

October’s slight improvement reflected a somewhat less sharp contraction in output. Nevertheless, the drop in production was one of the fastest in three-and-a-half years amid weaker client demand and a considerable downturn in new business . New orders contracted in October, reflecting falling export orders and frail domestic demand. In turn, firms cut their workforce numbers for a third consecutive month and saw their backlogs of work shrink further in October. On a more positive note, sentiment regarding future output growth improved in October and was firmly entrenched in positive territory. Lastly, on the price front, inflationary pressures continued to retreat in October and output prices rose only mildly.

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