Russia PMI May 2024

Russia: Services PMI enters contractionary territory in May

The S&P Global Russia Services Purchasing Managers’ Index (PMI) fell to 49.8 in May from 50.5 in April. As a result, the index moved below the 50.0 no-change threshold for the first time in 16 months, signaling a deterioration in services-sector business activity compared to the previous month.

Subdued demand conditions underpinned May’s downturn in output, with new order inflows remaining broadly unchanged from the previous month. This, in turn, contributed to job creation slowing to a three-month low.

Regarding prices, input costs rose at the steepest clip since January on the back of higher wages and transportation and supplier costs. As a result, firms increased their selling prices at the fastest pace in three months. Lastly, business confidence improved, with service providers expressing optimism for the year ahead, anticipating that stronger demand conditions and new customer acquisition would boost output.

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