Russia’s economy continues recovery - media

The Russian economy is in recovery mode, if the latest purchasing managers’ index for manufacturers is anything to go by.

The PMI compiled by Markit showed a reading of 52.4 in October, more than the 50.9 reading economists were expecting and coming in at a four year high. September’s showing of 51.1 had been strong, and interpreted as a sign the economy was gaining some speed after a recession caused by the rout in oil prices.

"Goods producers reported substantial increases in output and new orders, although the latter continued to be weighed down by weaker demand from abroad. Encouragingly, production growth looks likely to sustain its current solid pace, as backlogs accumulated at the sharpest rate since August 2006," the economist at IHS Markit, Samuel Agass, said.

The one dim spot was hiring: Russian firms cut staff numbers for a fourth month running, even amid a “substantial” increase in production, the Financial Times writes.