A country’s Purchasing Managers' Index, or PMI, for particular sector is an economic indicator of the health of the sector in that country.
In July, in a pleasantly solid surprise, the manufacturing PMI for Russia was hale and hearty. It jumped 2.4 points from its June level (the lowest in 12 months) to hit 52.7. This was the best figure for the country in six months. In contrast, India’s PMI for July dropped 3.1 points to 47.9. This marked both its lowest level, and greatest fall, in eight and a half years.
The improvement in business conditions in Russia has been attributed, amongst other things, to solid growth in both new orders and output.
It will be interesting to see how the rest of the year turns out, especially in light of the round of U.S. sanctions.
IHS Markit Russia Purchasing Managers' Indices(PMI)
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