Russia PMI November 2023

Russia: Manufacturing PMI unchanged in November

The S&P Global Manufacturing Purchasing Managers’ Index (PMI) came in at 53.8 in November, matching October’s reading. Consequently, the index remained above the 50.0 no-change threshold, signaling a continued improvement in manufacturing sector operating conditions from the previous month.

November’s strong reading reflected growth in new orders, which maintained a robust pace similar to October when new business reached its highest level since March 2011. Manufacturers responded by increasing output, albeit at a slightly softer pace than in October, which, in turn, prompted firms to expand their workforce capacity further mid-way through Q4. Capacity improvements allowed companies to reduce backlogs of work in November.

With regards to prices, despite facing increased costs due to higher supplier charges and currency weakness, the rates of inflation eased. As a result, purchasing activity expanded in November, enabling firms to build inventories of inputs for the first time in seven months. Finally, business sentiment ticked down slightly in November, although it remained above the series average.

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