Russia’s Services PMI falls to 47.1 in January, Composite at 48.4

MOSCOW, Feb 3 (PRIME) -- Russia’s Services purchasing managers’ index (PMI) decreased to 47.1 in January from 47.8 in December 2015, having contracted the fastest pace in 10 months, and the Composite PMI stood at 48.4, according to a Markit research note published Wednesday.

“Russian service providers began 2016 in disappointing fashion, as business activity levels declined further. This fall was driven by a solid contraction in new business levels, leading to another deterioration in backlogs of work,” the survey said.

Input prices continued to rise at a much quicker pace than average charges.

“The Headline PMI data for the start of 2016 provided further signs of a slowdown in the service sector of Russia. Business activity lowered for another month amid a solid contraction in incoming new business. Also, with fewer new projects in the pipeline, firms continued to shed jobs at a substantial pace,” Samuel Agass, economist at Markit, commented on the survey.

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