Russia factory growth eases unexpectedly in June
The Purchasing Managers' Index for the factory sector dropped to 50.3 in June from 52.4 in May. Meanwhile, economists had expected the index to increase to 53.6.
However, any reading above 50 indicates growth in the sector. Moreover, the latest reading signaled the weakest growth in current 11-month sequence of expansion.
Among components, output and new orders rose at slower rates in June. Manufacturing employment fell for the fourth successive month.
On the price front, input price inflation accelerated to a 7-month high in June, driven by increased cost of raw materials. As a result, output prices rose for the third straight month. ■