Russie - PMI Services

The IHS Markit Russia Services PMI decreased to 55.6 in November 2019 from 55.8 in the prior month. This marked the fifth straight month of growth in the service sector, the second-fastest in a year and above the long-run series trend. New orders eased slightly from October's high while new export orders fell for the first time since July. AT the same time, the rate of employment growth was little-changed; and backlogs of work contracted further. On the price front, input costs rose at the least since January 2018 while output prices increased at a moderate pace. Finally, the degree of confidence dropped to the lowest since August 2018 amid ongoing economic uncertainty and concerns surrounding the potential of softer client demand.

The IHS Markit Russia Services PMI increased to 55.8 in October of 2019 from 53.6 in the prior month. This marked the fourth straight month of growth in the service sector and the steepest in a year, largely underpinned by a sharper upturn in new orders. Both external and domestic client demand picked up, with new business from abroad growing at the fastest rate since May. Subsequently, employment rose for the second straight month, which was the strongest since February, with backlogs of work falling at the slowest rate for five months. On the price front, input price inflation slowed to the softest since early-2018, while output charges went up at a rate that was slower than the long-run series trend, due to competition and more efficient business processes. Lastly, the level of positive sentiment reached a five-month high but remained slightly below the series average.

The IHS Markit Russia Services PMI increased to 53.6 in September 2019 from 52.1 in the prior month. This marked the third straight month of growth in the service sector and the fastest reading in six months, with a solid expansion in output. New orders increased only moderately on the back of the acquisition of new clients and new export orders remained subdued, rising only fractionally and at a pace well below those seen earlier in the year. Also, job creation rate was the fastest since March, after four consecutive months of declines. On the price front, input cost increased at the slowest pace since February; while output prices increased only modestly. Lastly, sentiment dipped to the lowest since March, amid reports of difficult demand conditions for small and medium enterprises.

The IHS Markit Russia Services PMI increased to 52.1 in August 2019 from 50.4 in the prior month. This marked the second straight month of growth in the service sector and the fastest since April, with a faster increase in new orders driving the expansion. Also, external demand rebounded, despite signalling only a fractional upturn in new export orders. Meanwhile, employment fell for the fourth straight month, but only a marginal rate. Backlogs of work continued to decline, with the pace of drop was strong overall and faster than the series average. In terms of prices, input price inflation remained relatively subdued and softened to the slowest since March 2018. Nonetheless, firms increased selling prices at the fastest pace for three months. Lastly, sentiment dipped to the lowest since March as service providers expressed greater uncertainty towards the wider economy.

The IHS Markit Russia Services PMI increased to 50.4 in July 2019 from 49.7 in the previous month, as new business returned to growth. New exports orders shrank for the first time since September 2018 while employment dropped at the fastest pace since February 2016, with backlogs of work continuing to fall and the fastest since February 2016. On the price front, input prices accelerated for first time since January's value added tax-driven spike and marking the sharpest in three months, while output price inflation also accelerated. Finally, business confidence towards the future increase amid more favourable demand conditions and the launch of new service lines.

The IHS Markit Russia Services PMI went down to 49.7 in June 2019 from 52.0 in the previous month. The latest reading pointed to the first contraction in services activity since January 2016, as new orders shrank for the first time since early 2016 while employment dropped at the fastest pace since April 2016, with backlogs of work continuing to fall. Meantime, new export orders grew for the ninth straight month, albeit at only a marginal rate. On the price front, input prices rose at a slowest pace since Mach 2018, due to higher raw material prices, especially for fuel and food, while output price inflation also slowed to softest rate since September last year. Finally, business confidence expectations dipped to a three-month low amid less favourable demand conditions and weaker client purchasing power.