Russia’s Services PMI falls to 51.8, Composite PMI to 51.2 in May

MOSCOW, Jun 3 (PRIME) -- Russia’s services purchasing managers’ index (PMI) fell to 51.8 in May from 54.2 in April, and the Composite PMI slightly decreased to 51.2 from 51.3, according to a Markit research note published on Friday.

“At 51.8 in May, the headline seasonally adjusted Markit Russia Services Business Activity Index remained above the 50.0 no-change mark to signal growth for the fourth successive month. However, the rate of expansion eased from the three-year high reached in April,” the research note read.

Service providers benefited from a further increase in new work received during May, with new business volumes rising for the fourth month in a row. However, the rate of new order growth eased from the high reached in the prior survey month.

Service sector employment fell for the 27th successive month in May, but the rate of job cutting eased to a nine-month low.

“The Russian economy has been making steady progress so far in 2016, with the latest surveys suggesting that this positive start to the year was built on in May. Although growth slowed slightly in the service economy, its recovery extended into a fourth month. Manufacturing also showed better signs, with a slight increase in production taking the sector out of its recent downturn,” Rob Dobson, senior economist at Markit, commented on the survey.

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