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Manufacturing Still Sluggish

By The Moscow Times

Manufacturing growth in August was "sluggish" and remained below 50 on the HSBC Purchasing Managers Index, indicating contraction.

The index rose last month to a seasonally adjusted 49.9 from 49.8 in July, HSBC Holdings said Thursday, citing data compiled by London-based Markit Economics.

"Though marginal, the latest contraction was the third in the past four months," HSBC said. The rate of inflation has weakened continuously since February, reaching a 25-month low in the latest period, and the findings suggest a further drop in new business. "Overall, the Russian manufacturing sector appears to be aligned with a global trend of weak manufacturing and industrial growth in recent months," Alexander Morozov, HSBC chief economist for Russia and the Commonwealth of Independent States, said in the statement.

(Bloomberg)

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