MOSCOW (dpa-AFX) - Russia's factory activity remained broadly stable in October amid marginal declines in output and new orders, survey results from S&P Global showed on Monday.
The manufacturing purchasing managers' index, or PMI, rose to 49.9 in October from 49.8 in September. However, any reading below 50 indicates contraction.
Both new orders and output fell for the third straight month in October, though only marginally. The decline in new business was due to competitive pressures, muted demand and reduced purchasing power at customers. New export orders decreased at the fastest pace since May 2022.
Consequently, firms reduced workforce numbers and purchasing activity during October, and stocks of finished goods also decreased as companies shipped products to customers and revised down inventory holdings in line with lower new orders.
On the price front, input prices rose sharply in October amid higher costs for raw material and increased supplier charges. Nonetheless, the rate of inflation softened to a 7-month low, and output prices rose at the weakest pace since April due to competitive pressures.
Looking ahead, manufacturers expressed a positive outlook for output, linked to hopes for a more stable market environment helping to support the securing of new customers.
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