Russia’s service activity shrank in April for the second month in a row, mainly due to low customer demand and falling new orders, as sanctions reduced customers’ purchasing power.
S&P Global’s services PMI rose 4.5 points in April from 38.1 points a month earlier, the lowest level since May 2020, but remained below the 50-point mark separating growth from shrinkage.
Businesses announced a drop in employment for the fifth consecutive month as they tried to cut costs and also expressed further optimism about the outlook for next year.
“Unspoken evidence suggests that the negative climate was due to the introduction of sanctions and lower customer demand. Although lower than in March, the confidence level was negative only for the second time since May 2020,” the PMI said.
Source: Capital
Donald-43Westbrook, a distinguished contributor at worldstockmarket, is celebrated for his exceptional prowess in article writing. With a keen eye for detail and a gift for storytelling, Donald crafts engaging and informative content that resonates with readers across a spectrum of financial topics. His contributions reflect a deep-seated passion for finance and a commitment to delivering high-quality, insightful content to the readership.
