Financial News: Russian Services Activity Expands Least In 13 Months

Russian Services Activity Expands Least In 13 Months

03/05/2024 - 02:02:00 (RTTNews)

(RTTNews) - The Russian services activity grew at the weakest pace in just over a year in February amid softer demand conditions, survey results from S&P Global showed on Tuesday.

The services purchasing managers' index, or PMI, dropped to 51.1 in February from 55.8 in January. However, a reading above 50 indicates expansion in the sector.

Further, this was the weakest upturn in output in the current 13-month sequence of growth.

The growth in new orders also eased to a 13-month low amid weaker demand. Foreign orders also expanded at a slower pace as logistics issues deterred international customers from placing orders.

On the price front, input price inflation moderated to the lowest level since July 2020, linked to reduced supplier and transportation charges. As a result, charge inflation was the slowest since March 2023.

Due to difficulties keeping employees and slower growth in new orders, some businesses were unable to replace voluntary leavers, which caused employment to only slightly increase in February.

Russian service providers remained upbeat regarding the outlook for output over the next year, partly stemming from planned investment in expanding customer bases.

The composite output index fell to 52.2 in February from 55.1 in January, signalling the weakest growth in private sector activity in more than a year. Although manufacturers recorded a faster upturn in production, the private sector's performance was weighed down by slower service sector growth.

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