Russian manufacturing expanded at the fastest pace in six years as factory output, new orders, and employment surged. The seasonally adjusted Purchasing Managers’ Index, or PMI, climbed to a 70-month high of 54.7 in January from 53.7 in December.
Strong demand pushed production higher and factories added workers to keep up the pace. The one downside was that exports slipped further.
“Backlogs of work rose to the greatest extent in almost ten-and-a-half years, suggesting the current intensity of growth is likely to be sustained over the next few months,” Samuel Agass, Economist at IHS Markit, said, reports RTT.
The higher price of oil, with a stable $50 handle, has provided optimism for Russian consumers. The possibility of better U.S. and Russian relations from a Trump presidency also has added to the positive outlook, which seems to be pushing up domestic demand.
