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Financial News: Russian Services Activity Contracts In May

Russian Services Activity Contracts In May

06/05/2024 - 09:05:00 (RTTNews)

(RTTNews) - The Russian services activity signaled a renewed decline in May as output fell amid a near-stagnation in new business, survey results from S&P Global showed on Wednesday.

The services purchasing managers' index, or PMI, dropped to 49.8 in May from 50.5 in April. Any score below 50 indicates contraction, while any reading above 50 suggests expansion in the sector.

Further, the service economy contracted for the first time in fifteen months.

Lower output levels in May were mainly attributed to subdued demand conditions and little change in new orders.

New orders broadly remain unchanged amid more muted demand conditions and pressure on the purchasing power of consumers.

On the price front, input price inflation accelerated to a 4-month high, driven by greater transportation and supplier costs alongside increased wages. As a result, service providers spiked their selling prices at the quickest rate in three months.

Services companies hired more workers in May despite comparatively low demand conditions. Nonetheless, the rate of job creation eased to a three-month low.

Expected business activity over the next year improved in May amid hopes that stronger demand conditions and the acquisition of new customers would help boost output.

The composite output index declined to 51.4 in May from 51.9 in the previous month, indicating the slowest upturn in Russian private sector activity in the current 16-month sequence of expansion.

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