Russia’s service sector returned to growth for the first time in five months in February, driven by stronger expansion in new orders, survey figures from Markit Economics showed Thursday.
The seasonally adjusted Services Purchasing Managers’ Index, or PMI, rose to 50.9 in February from 47.1 in January. Any reading above 50 indicates expansion, while a score below 50 suggests contraction in the sector.
Similarly, the composite output index climbed to 50.6 in February from 48.4 in the preceding month.
New business received by the Russian service providers grew notably in February. A slight rise in volumes of new orders were also reported by manufacturers.
Outstanding business volumes deteriorated further at both Russian service providers and manufacturers in February, reflecting ongoing spare capacity in the whole economy.
Service sector firms continued to lower their staffing levels in February. A slide in workforce numbers was also evident in the manufacturing sector, extending a trend that has been observed since July 2013.
On the price front, input prices climbed at a solid pace in February despite easing to a three-month low. This forced firms to raise their selling prices at the sharpest pace in five months.
The material has been provided by InstaForex Company – www.instaforex.com