Photo: Markit, HSBC
Russia’s HSBC Manufacturing PMI number jumped to 52.9 from 50.8 in March.Key points:
- PMI increases to highest level in over a year
- Faster growth of new orders and output generates job creation
- Input price inflation remains below long-run average
The PMI rose solidly from March’s 50.8 to 52.9, signalling the best overall performance of the sector since March 2011.
New orders rose at a solid pace in April. The rate of expansion was the fastest since March 2011, as companies reported a recovery in market conditions. That said, new business growth has yet to return to its long-run trend pace since the survey began in late-1997. New export business registered a second successive monthly rise, and at a slightly faster pace than in March.
The improved flow of new business led to a stronger rise in output in April. Production increased at the fastest rate since March 2011, and growth was slightly sharper than the long-run survey average. With output growth remaining stronger than new business expansion, backlogs of work continued to fall. However, the rate of depletion eased to the weakest in seven months.
Russian manufacturers expanded their workforces on average in April, following a reduction in March. Moreover, the rate of job creation was the strongest since March 2011.