Russia PMI January 2023

Russia: Manufacturing PMI eases in January but remains strong

The S&P Global Manufacturing Purchasing Managers’ Index (PMI) fell to 52.6 in January from December’s 53.0. As such, the index remained above the 50.0 no-change mark, pointing to a continued, albeit moderating, improvement in manufacturing sector operating conditions from the previous month.

Decembers result signaled a solid improvement in operating conditions at the outset of the year and was underpinned by strong increases in output, new orders and few supply delays. Moreover, employment levels rose, while backlogs of work fell.

In terms of inflation, rising supplier prices and unfavorable exchange rate movements pushed cost burdens up in January, with firms reportedly unable to fully pass higher costs onto consumers. Finally, business confidence jumped to a nearly four-year high in January, chiefly thanks to greater new order inflows.

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