Russian Manufacturing PMI released by Markit remained within near-zero growth territory, posting 50.1 in November, down on 50.2 in October. Overall, some positives and key negatives were:
- Both output and new orders rose at fastest pace in 12 months;
- Growth conditions in manufacturing remain extremely sluggish;
- New export orders fell “at sharpest rate in seven months”;
- Workforce continued to contract, as “employment levels have contracted in each of the past 29 survey periods”;
- Most of uplift in production was signed to agricultural sector production rise (Russian grain crop posted second strongest performance at 117 mL tons through early November, after there record 2014 crop);
- Majority of new orders increases took place in domestic markets
So overall, Russian Manufacturing showed repeated signs of weak stabilisation, but virtually no signs of recovery.