By Olga Razumovskaya
MOSCOW--The upturn in Russia's manufacturing sector shifted into a higher gear in October, as businesses recorded marked increases in production, new orders and outstanding business, a Markit survey of purchasing managers showed Tuesday.
The headline Purchasing Managers' Index for the manufacturing sector rose to a four-year high of 52.4 in October, up from 51.1 in September.
October survey data pointed to a substantial increase in Russian manufacturing production, extending the current sequence of growth to six months. Moreover, the rate at which output expanded was the sharpest for 67 months. There was some evidence that higher production reflected stronger demand for Russian goods, thesurvey said.
The latest PMI figure "was indicative of a solid improvement in operating conditions and a clear sign that the sector may finally be making a sustainable recovery," Samuel Agass, an economist at Markit, said in the PMI report.
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(END) Dow Jones Newswires
November 01, 2016 04:14 ET (08:14 GMT)
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