HSBC: Russia’s Services PMI falls to 41.3 Feb, fastest since ‘09

MOSCOW, Mar 4 (PRIME) -- Russia’s services sector contracted at the fastest pace since March 2009 in February, and the purchasing managers’ index (PMI) amounted to 41.3, HSBC and Markit said in a statement on Wednesday.

The composite PMI fell to 44.7, contracting for the fifth straight month.

“Weakening demand was highlighted by a further sharp fall in new business received by Russian service providers in February,” Trevor Balchin, senior economist at Markit, said.

The outstanding business and the private sector employment were falling as well.

“On a more encouraging note, input price inflation eased to a four-month low, and output price inflation eased from January’s record pace,” it said.

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