Friday, December 30, 2022

Russia PMI and business confidence up

 Business confidence actually fell in December, but it always falls (all that snow) at this time of the year, so my seasonally adjustment program reckons that seasonally adjusted, business confidence rose a trifle.  The headline PMI fell a little, but since it is quite "spiky" I extreme-adjusted and smoothed it, and that showed a rise in December.  

The Russian economy isn't going to fall until the oil price falls sharply, and that will only happen next year as the world tips into recession.  The oil price is down, and the trend is down, but there's still enough foreign exchange coming in to Russia to keep its economy ticking over.




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