Activity in the Russian service sector increased at the slowest pace in four months in January, data from a survey by Markit Economics and HSBC Bank showed Tuesday.
The seasonally adjusted purchasing managers' index for the service sector came in at 55.7 in January, and remained above the no-change 50 mark - which separates growth from contraction - for the twenty-ninth successive month. The latest figure signaled the slowest growth in activity since September 2012.
New business received by service sector firms increased sharply during the month, though at a slightly slower pace compared to December. Service sector firms increased their staffing levels further in January, extending the current sequence of job creation to twenty-seven months.
Input price inflation faced by services firms moderated to the weakest level since June 2012, and remained below the long-run survey average. At the same time, output prices weakened to a seven-month low.
The composite output index, which measures activity in both the manufacturing sector and the service sector, rose to 54.8 in January, owing mainly to stronger manufacturing performance, data showed.
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