Russian Manufacturing PMI (Markit and HSBC) for January came in at 47.6, below 50.0 (statistically significant sub-50 reading), down from 48.9 in December. This is the second consecutive month of below 50 readings.
3mo MA through January is at 49.4, which is well down on 3mo MA through October 2014 which stands at 50.6, but ahead of 3mo MA through January 2014 which was 47.6.
The trend remains negative and has been reinforced in January.
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