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Russian Services And Composite PMIs: January

Russian manufacturing PMI slipped deeper into contractionary territory posting 47.6 in January compared to 48.9 in December, as covered here:

Today's release of the Services PMI adds to the gloom. Services PMI posted its fourth consecutive monthly reading below 50.0, coming in at an abysmal 43.9 in January, down from an already disastrous 45.8 in December. 3mo MA through January is now at 44.7 - a deep contraction, deepest since the 2009 recession. This compares to the already contractionary 49.4 3mo MA through October 2014. 3mo average through January 2014 was a benign 52.2. So we have a full swing of 7.5 points year on year on a 3mo MA…