“Russian manufacturing growth slowed in April for the largest monthly drop since December 2008 after export orders declined and companies scaled back investment.
The Purchasing Managers’ Index fell to a seasonally adjusted 52.1, the weakest level since November, from 55.6 in March,HSBC Holdings Plc (HSBA) said in a report today, citing datacompiled by Markit Economics, a financial information services company. The survey-based index indicates a contraction when below 50 and growth with a figure above 50.
“A decline in new export orders is worrisome as it usually points to the direction of change in overall manufacturing growth momentum in the coming months,” Alexander Morozov, HSBC’s chief economist for Russia and the Commonwealth of Independent States, said in the report.”
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