Russia's manufacturing PMI down in July

By Gokhan Ergocun

ISTANBUL (AA) - The manufacturing purchasing managers' index (PMI) in Russia dropped to 50.3 in July, down from 50.9 in June, according to figures released on Monday

According to the data from S&P Global: "Weighing on overall growth was a sharper contraction in output as firms struggled to hire and retain workers amid salary competition."

Russian manufacturing companies posted the sharpest fall in output since April due to raw material shortages and relatively subdued demand conditions.

The rise in total new orders was largely in the domestic market, while new export orders fell further in July.