Markit: Russia’s Services PMI falls to 54.1 points in May
MOSCOW, Jun 5 (PRIME) -- Russia’s Services Purchasing Managers’ Index (PMI) fell to 54.1 points in May from 55.5 points in April, researcher Markit said on Tuesday.
The index was above the 50 no-change mark, which signified an overall expansion.
The latest survey data signaled the 28th consecutive month of increased output levels. Despite business activity growth softening to below the long-run series average, it remained strong.
Markit’s Russia Composite Output Index that covers both manufacturing and services sectors fell to 53.4 in May from 54.9 in April. “The latest overall upturn in output was solid, but weaker than the average in the current 28-month sequence of expansion.”
The number of new orders increased significantly thanks to acquisition of new clients. The rate of expansion remained at the average long-term level, but was weaker that at the beginning of the year.
“Although slightly weaker than April’s recent high, price pressures remained marked in May. Input cost inflation was the second-fastest since August 2016, reportedly driven by higher wages and fuel costs,” Sian Jones, economist at HIS Markit, commented on the survey.
“Looking at the overall picture, the IHS Markit Russia Composite Output Index signaled a solid, but softer expansion in May. Weaker rates of growth in both the manufacturing and service sectors drove the dip in performance.”