FX.co ★ Russia Manufacturing Activity Contraction Eases

Russia's manufacturing activity contracted for the third straight month in April, albeit at a softer pace compared to March, survey data from S&P Global showed on Wednesday.

The S&P Global Russia Manufacturing Purchasing Managers' Index, or PMI, rose to 48.2 in April from 44.1 in March. Any reading below 50 signals contraction in the sector.

The rate of fall in production was the second fastest since May 2020. New orders decreased at a stronger pace in April and new export orders declined.

Input price inflation was the second-steepest for over a year in April and selling prices increased sharply.

The number of workforce declined in April due to higher cost burdens and reduced production requirements. Backlogs of work deteriorated at a solid pace.

Suppliers lead time lengthened in April to the third-steepest in the survey history.

Output expectations remained weakened in April. The degree of optimism was the second-lowest in the current positive sentiments that began in June 2020 as sanctions and declining purchasing power hurt morale.