Russia’s manufacturing sector continued to shrink in November, survey data from IHS Markit showed on Tuesday.
The headline seasonally adjusted IHS Markit Russia Manufacturing purchasing managers’ index fell to 46.3 in November from 46.9 in October.
A PMI reading below 50 suggests contraction in activity.
New orders declined at the sharpest rate for six months and new export orders rose at the quickest rate since December 2018.
Production declined steeply since May, thus the number of workforce decreased further in November. The rate of job shedding was the fastest for four months.
The backlogs of work lowered in November.
Inflationary pressure rose in November and the pace of increase in cost burden was the sharpest since February 2015. Input prices increased and the rate of output charge inflation was the quickest since February last year.
Suppliers’ delivery time lengthened in November due to the supply chain disruptions. The rate of contraction in pre- and post-production stocks eased since October.
Business confidence improved slightly in November and the degree of optimism was below the series average, as the global economic downturn and Covid-19 pandemic weighed on [business][1] sentiment.
“According to PMI data, the overall sector contraction quickened for the second month running, with the fourth quarter set to round off a challenging year for manufacturers,” Sian Jones, an economist at IHS Markit, said.
“Our current forecast expects industrial production to contract by 5.1% in 2020,” Jones said.
For comments and feedback contact: editorial@rttnews.com
[Economic News][2]
What parts of the world are seeing the best (and worst) economic performances lately? Click[here][3] to check out our [Econ Scorecard][3] and find out! See up-to-the-moment rankings for the best and worst performers in [GDP][4], [unemployment rate][5], [inflation][6] and much more.
- www.rttnews.com/Content/Business.aspx
- www.rttnews.com/Content/EconomicNews.aspx
- www.rttnews.com/economic-scorecard/world-rank/unemployment-rate/highest-performance.aspx
- www.rttnews.com/economic-scorecard/world-rank/GDP/highest-performance.aspx
- www.rttnews.com/economic-scorecard/world-rank/unemployment-rate/lowest-performance.aspx
- www.rttnews.com/economic-scorecard/world-rank/CPI/highest-performance.aspx