Russia Manufacturing PMI in June
According to a report by Markit Economics, the final Russia Manufacturing PMI has again entered into the contraction zone in June after showing a huge contraction in May. It was 49.5 in June compared to 49.8 in May. The June figure didn’t meet the preliminary market estimate of 50.2.
The Russia Manufacturing PMI in June was mainly due to the following factors:
- Production volume and output growth declined in June.
- Factory output and new business orders both declined for the first time since July 2016.
- Export orders in the manufacturing sector weakened in June as international demand weakened.
- Employment in the manufacturing sector fell more in June after falling significantly in May.
Weaker consumer sentiment and lower business confidence due to intensifying trade tensions weighed on Russia’s economic activity in June. Declining manufacturing activity is signaling that the economy’s domestic demand has been falling gradually.