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Market Update: Russia Composite PMI Rises to 9-Month High
The IHS Markit Russia Composite PMI increased to 56.2 in May 2021 from 54.0 a month earlier, signaling a fastest expansion in private sector business activity since last August. The upturn was broad based and led by service providers. The rate of increase accelerated to the steepest for nine months, as manufacturers indicated a renewed upturn that was aided by a boost to new export sales. Contributing to the upturn in output was a stronger increase in new orders received by private sector companies. At the same time, job creation accelerated to the quickest pace for a decade. Meanwhile, backlogs continued to contract solidly. On the price front, input price inflation accelerated due to higher supplier price hikes and greater fuel costs, while output continued to rise. Lastly, business confidence deteriorated source: Markit Economics [/s2If]
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