The labor market did not support the optimism of the private sector // Monitoring of business activity
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The Ministry of Economy records a noticeable improvement in the monthly dynamics of GDP – up to plus 1% mom in March, seasonally adjusted (minus 0.3% in February). A surge in economic activity in March was also suggested by leading indicators — the S&P Global PMI composite index (which reflects the business activity of private companies in the industry and services) in the Russian Federation in February made a breakthrough to 53.1 points from 49.7 points in January (values above 50 mean growth), reached 56.8 points in March and, like other leading indicators, rolled back in April to 55.1 points. However, business activity remains at one of the three peaks recorded by PMI since 2013, and the authors of estimates in April record: its rapid growth has made the rate of job creation in the private sector the fastest since May 2011. At the same time, the Ministry of Economy notes that the main impetus for economic recovery in February-March primarily came from processing, where metallurgy grew the fastest. A slightly smaller, but steadily positive contribution to it was made by public catering, retail turnover and agro-industrial complex;
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