Russian industry, periodic flows into a stupor, in the fall signs of life. Index PMI, which measures business confidence in the Russian industry, rose again in September due to an increase in demand and employment
- The business confidence index Russia
Moscow. October 1. FINMARKET.RU — Russian industry has decided porasti. The PMI manufacturing industries (index compiled by HSBC in partnership with Markit based on a survey of purchasing managers in companies and shows the general market conditions) showed the highest reading since the spring.
- Ongoing since August 2009 production growth accelerated in September to the highest level since April.
- The index was 52.4 points compared with 51 points in August (and slightly above average for the time of the study 52.1 points).
- All scores above 50 indicate growth of business activity, lower — the recession.
Productivity growth continues thanks to a rise in new orders and the completion of the previously obtained. New orders rose in September, a record for the last four months of pace, in addition, over the past month has been recorded a marked reduction in backlogs, which was the highest since June.
Employment in manufacturing companies also rose in September.
At the same time, the purchasing activity of Russian companies in the manufacturing sector while increased in September, but at rates that were weaker output growth. As a result, in September the remnants of raw material resources have decreased, while the rate of decline remains peaked in August 2011.
The bad news — the inflationary pressures in the sector also increased. Input price inflation reached a maximum of 17 months.
Alexander Morozov, chief economist at HSBC Bank of Russia and the CIS
"The September PMI index of manufacturing industries demonstrates the ability of the Russian production to grow in spite of the problems in the global economy.
A large and growing domestic market gives some independent impetus to the growth of industrial production.
In general, we believe that the September PMI index points to the need for further tightening of monetary policy. However, fewer working days in September 2012 compared with the previous year is likely to manifest itself in weaker official figures this month that will not reflect a stronger underlying growth in the manufacturing sector.
Because of this, the Central Bank may refrain from raising key interest rates in October and come back to this issue later in the year. "
PS And on his own. Remember a couple of weeks ago, I argued in these pages that the decline in manufacturing NOT? PMI — a fairly reliable indicator.