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Financial News: Russian Services Sector Expands Strongly In January

Russian Services Sector Expands Strongly In January

02/05/2024 - 03:40:00 (RTTNews)

(RTTNews) - The Russian services activity expanded at a solid pace at the start of the year, driven by a further steep rise in new orders as demand conditions remained robust, survey results from S&P Global showed on Monday.

The Manufacturing Purchasing Managers' Index, or PMI, dropped to 55.8 in January from 56.2 in December. However, a reading above 50 indicates expansion in the sector.

New orders grew sharply in January on the back of successful advertising campaigns and a further improvement in demand conditions. New export orders also rose for the ninth successive month, though at the slowest since last August amid challenging economic conditions in some key export markets.

On the price front, input price inflation remained high due to greater electricity and supplier costs, along with reports of increased wage bills. As a result, selling prices rose at the quickest pace in three months.

Companies raised their staffing numbers for the sixth consecutive month as greater new orders placed pressure on capacity.

The composite output index fell to 55.1 in December from 55.7 in November, signalling a strong upturn in business activity across the private sector.

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