Russia's service sector expanded at the slowest pace in six months in March, data from a survey by Markit Economics and HSBC Bank showed Wednesday.
The seasonally adjusted purchasing managers' index (PMI) for the service sector dropped to 54.6 in March from 56.1 in February, indicating the weakest growth in activity in six months. An index reading above 50 indicates expansion of the sector, while one below suggests decline.
New business received by Russian service providers increased for the thirty-first successive month in March, though at the weakest rate since November 2012.
Reflecting the rise in new orders, service providers increased their staffing levels for the twenty-ninth consecutive month, and at the fastest pace since December.
Input prices in the sector rose at the fastest rate in three months in March, owing mainly to higher prices for fuel and energy.
At the same time, the composite output index, which measures performance of both the manufacturing sector and the service sector, fell to 53.4 in March, hitting the lowest level in seven months, data showed.
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