Growth in business activity in the manufacturing industry was the weakest since September 2022
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The business activity index (PMI) of the Russian manufacturing industries fell from 52.6 points in June to 52.1 points in July, follows from data S&P Global. Analysts called it the weakest growth in the sector since September 2022. This is due to a slowdown in production, as well as a decrease in the number of new orders.
An index value above 50 points indicates an increase in economic activity, and below it indicates a decline.
According to S&P Global, employment in the sector increased significantly, which helped to complete work in progress at a faster pace. In addition, the volume of purchases has increased. At the same time, input cost inflation accelerated to its highest level since April 2022. This happened against the background of rising prices, which was facilitated by the depreciation of the ruble and delays in deliveries. Meanwhile, selling prices rose at the fastest rate in 15 months, analysts added.
In November 2022, manufacturing PMI sharply increased to 53.2 points, after which it decreased for two months. In February 2023, the index rose to 53.6 points, then again went down, which lasted until May, after which the index managed to rise to 53.5 points. In June, as pointed out S&P Global, demand growth was robust as overall new sales were supported by a rebound in new export orders.
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