MOSCOW, March 3 (Reuters) - Russia's services sector
expanded in February at its slowest pace in seven months due to
a further drop in new business, the VTB Capital purchasing
managers' index (PMI) showed on Wednesday.
The PMI index reading fell to 51.0 last month from 51.9 in January, but remained above the 50 mark that separates expansion from contraction.
The new business sub-index dropped for a second consecutive month, to 48.1 from 49.7 in January.
'The only moderate increase in business activity supported further job shedding,' Svetlana Aslanova, an analyst at VTB, said in a note.
'In addition, the future activity index declined as the slowdown in the sector's growth reduced panellists' optimism.'
Russia's economy is slowly picking up after suffering its worst recession in 15 years in 2009. But the recovery has so far been driven by rising global demand -- and rising prices -- for its commodity and oil exports, while manufacturing and domestic demand have lagged.
(Reporting by Olga Borodina; editing by Lidia Kelly/Susan Fenton) Detailed PMI data are only available under licence from Markit and customers need to apply to Markit for a licence. To subscribe to the full data, click on the link below: http://www.markit.com/information/register/reuters-pmi-subscriptions For further information, please phone Markit on +44 20 7260 2454 or email economics@markit.com Keywords: PMI SERVICES/RUSSIA (olga.borodina@reuters.com, +7 495 775 12 42, Reuters Messaging: olga.borodina.reuters.com@reuters.net) COPYRIGHT Copyright Thomson Reuters 2010. All rights reserved. The copying, republication or redistribution of Reuters News Content, including by framing or similar means, is expressly prohibited without the prior written consent of Thomson Reuters.
The PMI index reading fell to 51.0 last month from 51.9 in January, but remained above the 50 mark that separates expansion from contraction.
The new business sub-index dropped for a second consecutive month, to 48.1 from 49.7 in January.
'The only moderate increase in business activity supported further job shedding,' Svetlana Aslanova, an analyst at VTB, said in a note.
'In addition, the future activity index declined as the slowdown in the sector's growth reduced panellists' optimism.'
Russia's economy is slowly picking up after suffering its worst recession in 15 years in 2009. But the recovery has so far been driven by rising global demand -- and rising prices -- for its commodity and oil exports, while manufacturing and domestic demand have lagged.
(Reporting by Olga Borodina; editing by Lidia Kelly/Susan Fenton) Detailed PMI data are only available under licence from Markit and customers need to apply to Markit for a licence. To subscribe to the full data, click on the link below: http://www.markit.com/information/register/reuters-pmi-subscriptions For further information, please phone Markit on +44 20 7260 2454 or email economics@markit.com Keywords: PMI SERVICES/RUSSIA (olga.borodina@reuters.com, +7 495 775 12 42, Reuters Messaging: olga.borodina.reuters.com@reuters.net) COPYRIGHT Copyright Thomson Reuters 2010. All rights reserved. The copying, republication or redistribution of Reuters News Content, including by framing or similar means, is expressly prohibited without the prior written consent of Thomson Reuters.