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Financial News: Russia Services Downturn Intensifies On Weaker Demand

Russia Services Downturn Intensifies On Weaker Demand

07/03/2024 - 03:45:00 (RTTNews)

(RTTNews) - The Russian services activity deteriorated at the fastest pace in one and a-half years in June amid a renewed fall in new business, survey results from S&P Global showed on Wednesday.

The services purchasing managers' index, or PMI, dropped to 47.6 in June from 49.8 in May. Any score below 50 indicates contraction.

The decline in output was mainly attributed to weak client demand and an associated contraction in new business.

New orders fell for the first time since early this year, linked to lower purchasing power among clients and a fall in customer numbers. Nonetheless, the rate of fall was only marginal.

Despite weak new order inflows, Russian companies raised their workforce numbers further in June, although the rate of job creation was the slowest in four months.

On the price front, input price inflation rose to a 5-month high in June amid higher wage and repair bills, as well as raised supplier and transportation prices. As a result, selling prices grew at the quickest pace since January.

The composite output index decreased to 49.8 in June from 51.4 in May, signaling a moderate downfall in the Russian private sector.

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