Russia Services Activity Growth Slows In January

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Markit Economics reported on Wednesday that the Russia VTB Capital services purchasing managers' index stood at a seasonally adjusted 51.9 in January, down from 53.4 in the previous month. A reading above 50 indicates expansion, while one below suggests contraction.

The fall in the headline PMI was mainly due to a decrease in the volume of new incoming work - the first since July 2009. Employment levels in the services sector were reduced again, with the rate of job cuts accelerating slightly.

Input costs faced by service providers rose in January but the rate of inflation was well below the historic average. Output charges were raised moderately but pricing power remained weak, as market conditions were still challenging and competition intensified.

Markit Economics reported on Wednesday that the Russia VTB Capital services purchasing managers' index stood at a seasonally adjusted 51.9 in January, down from 53.4 in the previous month. A reading above 50 indicates expansion, while one below suggests contraction. (Market News Provided by RTTNews)