Russian manufacturing expanded for a third straight month in December, but cost pressures increased and optimism among manufacturers fell, according to a Markit survey on Wednesday, according to Reuters.
In particular, Markit’s PMI for manufacturing fell to 51.6 from 51.7 in November, but remained above the 50-point mark separating expansion from contraction.
“The Russian manufacturing sector saw a relatively steady increase in production and new orders at the end of 2021. Pressure on production capacity eased again and job creation slowed down,” said Sian Jones, a senior IHS Markit executive.
Production growth continued, with new orders rising for a fourth straight month, albeit marginally.
New export orders, however, returned to contraction following broadly unchanged demand levels from foreign customers in November.
The cost burden has accelerated, as inflation has been at its highest level in five months. Businesses reported that they had passed on part of the cost to customers.
The level of optimism among manufacturers for next year fell to a three-month low.
“The high incidence of coronavirus and the spread of the Omicron variant, along with rising inflationary pressures, are likely to drive demand from domestic and foreign customers,” Jones said.
.
Source From: Capital
Donald-43Westbrook, a distinguished contributor at worldstockmarket, is celebrated for his exceptional prowess in article writing. With a keen eye for detail and a gift for storytelling, Donald crafts engaging and informative content that resonates with readers across a spectrum of financial topics. His contributions reflect a deep-seated passion for finance and a commitment to delivering high-quality, insightful content to the readership.
