Search

Russia's factory activity expands for 13th month running in May - Reuters.com

June 1 (Reuters) - Activity in Russia's manufacturing sector increased for the 13th month running in May and employment rose at its sharpest pace in more than two decades, though export orders contracted, a business survey showed on Thursday.

The S&P Global Purchasing Managers' Index (PMI) for manufacturing rose to 53.5 from 52.6 in April, moving further above the 50 mark that separates expansion from contraction.

"Overall growth was supported by faster expansions in output and new orders, with employment rising at the sharpest pace for 22-1/2 years," S&P Global said in a statement.

Employment was driven by stronger client demand, a trend that also helped decrease work backlogs.

"The rate of job creation was the steepest since November 2000 as firms adjusted their workforce numbers upward amid greater production requirements," S&P Global said.

The sector's growth in the past year has been predicated on domestic demand, as new export orders have contracted stubbornly while Moscow pursues what it calls its "special military operation" in Ukraine.

Export orders expanded for the first time in more than a year in April, but returned to contraction in May.

"Manufacturers suggested that challenging demand conditions in key export markets hampered new export sales," S&P Global said.

Expectations for future output were positive, but lower than in April.

"Optimism reportedly stemmed from planned investment in new products and processes, alongside hopes of further upticks in client demand," S&P Global said.

Reporting by Alexander Marrow; editing by John Stonestreet

Our Standards: The Thomson Reuters Trust Principles.

Adblock test (Why?)



"Factory" - Google News
June 01, 2023 at 01:10PM
https://ift.tt/eb9sKBn

Russia's factory activity expands for 13th month running in May - Reuters.com
"Factory" - Google News
https://ift.tt/EYe9Q6F
Shoes Man Tutorial
Pos News Update
Meme Update
Korean Entertainment News
Japan News Update

Bagikan Berita Ini

0 Response to "Russia's factory activity expands for 13th month running in May - Reuters.com"

Post a Comment

Powered by Blogger.