Markit says Russia’s Services PMI rises to 49.5 in Nov

MOSCOW, Dec 30 (PRIME) -- Russia’s Services Purchasing Managers’ Index (PMI) grew to 49.5 in November from 47.1 in October, while an index of below 50 signals an overall deterioration of activity in the sector, researcher IHS Markit said in a statement on Thursday.

“The seasonally adjusted IHS Markit Russia Services Business Activity Index registered 49.5 in December, up from 47.1 in November, to signal a marginal contraction in business activity across the Russian service sector. The fall in output was the slowest for three months, but was reportedly driven by weak demand conditions and another monthly decrease in new business,” Markit said.

“Russian service providers registered a downbeat end to 2021, as output and new orders continued to contract in December amid subdued demand conditions. The sector has been particularly hard-hit by COVID-19 restrictions, especially those in consumer-facing industries. Weak domestic and foreign client demand led to spare capacity, with job shedding being ramped up as a result,” Sian Jones, Senior Economist at IHS Markit, said.

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