Russia: Manufacturing PMI picks up in August
The S&P Global Manufacturing Purchasing Managers’ Index (PMI) came in at 52.7 in August, up from July’s nine-month low of 52.1. Consequently, the index moved further above the 50.0 no-change threshold, signaling a faster improvement in manufacturing sector operating conditions compared to the previous month.
August’s upturn came on the back of sustained output growth. Moreover, new orders rose the most in three months, while export orders soared at the fastest pace since March 2008. Less positively, the job creation fell to a nine-month low, while backlogs work declined further mid-way through Q3.
With regards to prices, input cost inflation continued to gain steam in August and was the fastest since March 2022. In turn, Russian manufacturing firms boosted selling prices at the fastest rate in 16 months. Finally, business sentiment slumped to a six-month low in August due to concerns over the ruble weakness.