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Russia manufacturing PMI hits 69-month high

Staff Writer |
Russia's manufacturing upturn continued to strengthen in December, with Markit's Purchasing Managers Index for the sector hitting a 69-month high.

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The improvement was driven by substantial increases in production and new orders, while job creation was at its fastest since March 2011, according to the survey of purchasing managers.

The headline PMI for the manufacturing sector was 53.7 in December, up from 52.4 in November.

"A healthier labor market, substantial production growth and robust domestic demand fueled economic growth and provided goods producers with the best possible end to 2016," said Samuel Agass, an economist at Markit.

"Consequently, this month's performance capped off the strongest quarter in over five-and-a-half years and was a far cry from the faltering start of the year," he said.