Russia: Services PMI picks up in January
The S&P Global Russia Services PMI Business Activity Index rose to 48.7 in January from December’s 45.9. As a result, the index moved closer to the 50.0 no-change threshold, signaling a softer deterioration in services sector operating conditions compared to the previous month.
The overall result reflected a sustained decrease in new business due to weak domestic and international demand. As a result, backlogs of work fell sharply, while service firms cut their workforce numbers again. That said, hopes of stronger new orders ahead drive output expectations back into positive territory in January. Lastly, the rate of cost inflation jumped to five-month high at the beginning of the year.
Meanwhile, the S&P Global Composite Output Index came in at 49.7.0 in January, down from Decembers 48.0.