Russian Manufacturing Sector Contracts For Fourth Month
Russia's manufacturing activity deteriorated for the fourth consecutive month in March, survey figures from Markit Economics showed Friday.
The seasonally adjusted Purchasing Managers' Index, or PMI, dropped to 48.3 in March from 49.3 in February. Economists had expected the index to rise to 49.5.
Any reading below 50 indicates contraction in the sector.
New orders received by the Russian manufacturers dropped in March after rising in the previous two months. Similarly, output declined for the first time in three months.
Firms reduced their staffing levels further in March. Moreover, the rate of job cut was the sharpest pace in fourteen months.
On the price front, both input and output prices climbed at weaker pace during the month.
"If the current sluggish market environment continues over the next few months, firms will be looking to the Bank of Russia to provide some stimulus in order to revive the underperforming economy," Samuel Agass, Economist at Markit, said.
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