Russia: Industry shows signs of recovery

From think.ing.com

Russian industrial output drop narrowed from -9.4-9.6% year-on-year seen in May-June to -8.0% YoY in July. While this result is in line with the concentrated consensus of -7.9%, we still take the result as positive for the following reasons: The improvement comes despite the adverse calendar effect, as July 2020 had 1 working day fewer than a year ago, as opposed to June 2020, which had the opposite situation. Workday effect normally reduces the output in regular manufacturing sectors. It also goes against the deterioration in the manufacturing PMI reading for July. That, combined with the said calendar effect were ... (full story)