Russia: Services PMI improves in May
June 8, 2022
The IHS Markit Services Purchasing Managers’ Index (PMI) rose to 48.5 in May from April's 44.5. Consequently, the index remained below the 50.0 no-change threshold, signaling a continued deterioration in business conditions from the previous month. More positively, the rate of contraction in the services sector was the softest in three months.
The overall result reflected weak demand conditions at home and abroad, which drove yet another contraction in new business and new export orders. In turn, output declined and firms reduced their workforce numbers as backlogs of work continued to shrink. That said, business confidence rose in April.
Meanwhile, the S&P Global Composite Output Index clocked at 48.2 in May, up from April’s 44.4.