S&P Global: Russia’s Services PMI rises to 48.5 in May

MOSCOW, Jun 3 (PRIME) -- Russia’s Services Purchasing Managers’ Index (PMI) grew to 48.5 in May from 44.5 in April, staying below the 50-point no-change mark, research agency S&P Global said in a statement on Friday.

Researcher Markit recently joined S&P Global, before that the index was called IHS Markit PMI.

"Although the rate of contraction eased to the slowest for three months, the fall in output reflected weak domestic and foreign demand conditions, with total inflows of new work and new export business decreasing sharply," the researchers said.

New orders decreased fast, although the pace of decline contracted since March. New export orders also contracted significantly. At a result, the level of outstanding business demonstrated the largest decrease in more than two years, and the workforce was cut to a remarkable extent.

The cost burden and the output prices grew at rates among the fastest over 20 years of studies. At the same time, the local companies were mostly optimistic regarding their business in the coming 12 months.

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