Russia’s manufacturing industry deteriorated more than forecast in February as new export orders declined while currency volatility and cheap oil darkened the economic outlook. The Purchasing Manager’s Index fell for a third month, dropping to 49.3 from 49.8 in January, according to a statement released by Markit Economics on Tuesday. The median of three estimates in a Bloomberg survey was 49.5, below the threshold of 50 that separates contraction from growth. “Russian manufacturing conditions remain in a fragile state,” Samuel Agass, an economist at Markit, said in the statement. “With both low oil prices and the instability of the ruble also acting as factors for concern, the upcoming months look set to be challenging for the sector.” The downturn in manufacturing is a further hurdle for the economy of the world’s biggest energy exporter, which is on track for its longest recession in two decades after contracting 3.7 percent […]