Russia: Services PMI moves deeper into contractionary territory in December
The S&P Global Russia Services PMI Business Activity Index fell to 45.9 in December from November’s 48.3. As such, the index fell further below the 50.0 no-change threshold, signaling a sharper deterioration in services sector operating conditions compared to the previous month.
The reading was driven by sharper drops in output and new orders. Moreover, firms grew more pessimistic about the outlook, and cost pressures were elevated. More positively, employment fell at a softer rate in the month.
Meanwhile, the S&P Global Composite Output Index came in at 48.0 in December, down from Novembers 50.0.