01.08.201802:51:00UTC+00Russia's Manufacturing Sector Contracts Further

Russia's manufacturing activity deteriorated for the third straight month in July, survey data from IHS Markit showed Wednesday.

The Purchasing Managers' Index, or PMI, dropped to 48.1 in July from 49.5 in June. Any reading below 50 suggests contraction in the sector.

Moreover, this signaled the strongest deterioration in operating conditions since April 2016.

Output fell for the first time since April 2016, amid weaker client demand and a decrease in new orders.

Lower production requirements fed through to a further reduction in workforce numbers, with the decline in backlogs accelerating to the fastest since January 2016.

On the price front, rates of input price and output charge inflation softened to the weakest since March.