November; Russian industrial sector improved even further.
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According to a survey released on Wednesday, Russian manufacturing production increased modestly in November as new orders increased and cost pressures increased.
For the second month in a row, the IHS Markit Purchasing Managers’ Index (PMI) increased to 51.7 from 51.6 in October, remaining above the 50.0 threshold that separates expansion from contraction.
As client demand improved, output and new orders increased at the quickest rate since May. “Although the upturns were historically subdued, they were the fastest for six months,” said Sian Jones, an economist at survey compiler IHS Markit.
Due to rising production requirements, employment climbed for the second month in a row in November, with the rate of job creation reaching its highest level since December 2018.
Increased supplier pricing and raw material shortages drove up input costs significantly. Firms stated they had passed them on to clients in part.
Producers’ excitement reached a five-month high as they hoped for an increase in client orders. “Upbeat expectations came despite a recent surge in COVID-19 cases which could threaten the speed of recovery in demand conditions across the sector,” Jones said.
Story by : Norvisi Mawunyegah