Russia’s manufacturing PMI at 7-month high

By Aysu Bicer

ANKARA (AA) - Russia’s manufacturing activity rose to 51.7 in August from 50.3 in July, as stronger domestic demand drove output higher, a London-based global data company revealed on Thursday.

The reading indicated the fourth straight month of expansion in factory activity, and the strongest growth since January.

"External sales remained in contraction territory and fell at the fastest pace since May, acting as a drag on the sector," S&P Global said, adding firms continued to cut their workforce numbers as backlogs of work were reduced further and at a solid pace in a sign of excess capacity.

"Manufacturers remained upbeat regarding the outlook for output over the coming year, however, as stronger domestic demand conditions buoyed expectations," it added.

Meanwhile, input costs increased at the slowest rate since February 2020 as prices of some key raw materials went down. Output charges increased for the first time in three months, although only marginally.