FX.co ★ Russia Manufacturing Nears Stabilization

Russia’s S&P Global Manufacturing PMI rose to 49.8 in September from 48.8 in August, signaling a second consecutive month of easing contraction in the sector. Output declined for a second month, though at a slower pace, and the fall in new orders also moderated amid subdued demand and higher prices. In contrast, new export orders dropped at their fastest rate since May 2022.

Employment decreased for the 10th month in a row, with job cuts accelerating to their quickest pace since May. On the price front, input cost inflation slowed to a three-month low, while output charge inflation eased to its weakest rate since June. Supplier delivery times lengthened to the greatest extent since October 2024, reflecting transport delays and logistical disruptions.

Purchasing activity recorded its sharpest decline since April as firms scaled back input buying and reduced inventories in response to weaker new order inflows. Nonetheless, business sentiment improved, with firms anticipating stronger future demand and focusing on attracting new customers.