Russia: Manufacturing PMI rises in September
Business conditions in Russia’s manufacturing sector improved in September. The manufacturing Purchasing Managers’ Index (PMI), produced by IHS Markit, rose from 48.9 in August to 50.0. As a result, the PMI lies on the 50-threshold that separates contraction from expansion in business activity in the sector.
According to IHS Markit, modest growth was recorded in output and new orders, driving the overall uptick in the index. Notably, new orders from abroad rose at a healthy pace and firms added jobs for the first time since April. Business confidence also hit the highest level since May 2013 in September. Regarding inflation, a weak ruble fueled high price pressures in September.