Russian Manufacturing Sector Shrinks in May for First Time Since 2018: PMI

Russian Manufacturing Sector Shrinks in May for First Time Since 2018: PMI

The survey on construction activity also displayed a shrinking sector, endorsing the rising risk aversion among businesses.

"Supply chain managers voiced their deep anxieties over Brexit's continuing impacts as some supply chains were re-directed away from the United Kingdom resulting in a drop in total new orders for the first time since October", Brock said. But since risks for a no deal Brexit are now heating up and factories have already started to cut jobs for the second month in May, questions are rising about whether the recovery in the services sector could continue in coming months.

However, a number of service providers warned that Brexit-related uncertainty had "contributed to subdued business and consumer spending", according to the report for May.

Lower volumes of commercial work and civil engineering activity more than offset a modest increase in house building leading to the sharpest decline in construction output since March 2018. Construction companies reported solid competition, hesitancy among clients and longer sales conversion periods, largely reflecting soft demand conditions in May. The survey showed employment had fallen the most in nearly six and a half years.

A global slowdown in trade on the back of the tit-for-tat trade war between the United States and China is also understood to have played a part in the general slowdown in export activity.

Although only marginal, the latest reduction was the largest since September 2017. "Suppliers' delivery times lengthened modestly in May, with panelists reporting cash problems". Finally, Morgan Stanley upped their target price on shares of IHS Markit from $45.00 to $46.00 and gave the company an "underweight" rating in a research report on Wednesday, March 27th.

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The rate of contraction was the greatest since July 2016 and one of the fastest seen over the past six-and-a-half years.

Any reading below 50 indicates contraction.

On the inflation front, the survey noted that price pressures remained relatively muted, with goods producers leaving selling prices unchanged on the back of a mild increase in overall cost burdens.

"New order inflows declined from both domestic and overseas markets, as already high stock levels at manufacturers and their clients led to difficulties in sustaining output levels and getting agreement on new contracts".

Besides, the latest figure pointed to the strongest improvement in the health of the sector for three months.

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