Contraction in Russian manufacturing continues in April - HSBC PMI
MOSCOW. May 5 (Interfax) - Business conditions facing Russian manufacturers continued to worsen for a sixth month in a row in April despite a slight uptick in Purchasing Managers' Index (PMI) data, HSBC said in a survey.
The PMI rose to 48.5 points in April, up from 48.3 in March.
The survey's headline figure is the HSBC PMI - a composite indicator designed to give a single-figure snapshot of operating conditions in the manufacturing economy. The PMI registered below the 50.0 no-change threshold for the sixth month in a row in April, indicating an ongoing downturn in business conditions in the Russian goods-producing sector.
Data from April showed decline for all key figures used in calculating the index: data on production volumes, new orders, exports, working time, the amount of unfinished orders and purchasing activity. Additionally, the majority of these figures fell at a slower rate in April than in March.
Inflationary pressure in April in Russia's manufacturing sectors remained high, which was largely due to depreciation of the ruble. Additionally, the growth rate for manufacturing inflation fell somewhat as consumer inflation hit a three-year record for growth.
