Business activity in the Russian service sector has been declining for the fourth month in a row
[ad_1]
The business activity index (PMI) in the service sector in Russia amounted to 48.7 points in January against 45.9 points in December, the study (.pdf) S&P Global. Business activity in this sector has been declining for the fourth month in a row, employment in the Russian service sector has been declining for the sixth month in a row.
A PMI value above 50 points indicates an increase in business activity, below this it indicates a slowdown.
The index continues to decline on the back of weak client demand. At the same time, some companies were able to improve their January results due to more aggressive marketing, the study notes. Also in January, the rate of decline in consumer demand in export markets continued to exceed the long-term average.
In January, the costs of the Russian service sector grew at a historic pace, the study notes. S&P Global estimates that commodity price inflation has reached its highest level in August 2022.
According to S&P Global, employment in the Russian service sector also continued to decline for the sixth month in a row. At the same time, the pace of job losses in January was the slowest since September 2022, when partial mobilization was announced in Russia.
[ad_2]
Source link
