MOSCOW, Dec. 1 (Xinhua) -- Russia's manufacturing Purchasing Managers' Index (PMI) rose to 48.3 points in November, up from 48 points in October, an analytics and financial information agency said Monday.
S&P Global said in a report that the PMI, a key indicator of economic health, signals expansion in business activity when it exceeds 50 and contraction when it falls below that threshold.
The latest PMI data marked the slowest pace of contraction in the past three months, the report said.
Despite a continued decline in new sales, the rate of contraction eased from October and was the mildest in the current six-month downward streak, it said, adding that the production downturn was frequently attributed to weak demand conditions.
According to S&P Global, Russia's production has fallen sharply since April 2022, with companies linking the drop to lower new orders and supply chain delays.
However, business confidence among Russian manufacturers improved midway through the fourth quarter, the report indicated, with positive expectations underpinned by planned investments in new products and technology, as well as hopes for stronger demand conditions. ■