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Financial News: Russia Service Sector Growth Slows In May

Russia Service Sector Growth Slows In May

06/05/2019 - 07:37:00 (RTTNews)

(RTTNews) - Russia's service sector growth eased marginally in May with a fall in employment, while output and new business rose modestly, survey data from IHS Markit showed on Wednesday.

The services Purchasing Managers Index climbed to 56.9 from 54.7 in September. Economists had forecast a reading of 53.9.

Any score above 50 suggests growth in sector.

Growth in new order inflow softened in May and new business expansion eased to the lowest in eleven months.

Employment level fell slightly in May, while the outstanding business declined further.

Input price inflation was moderate, even though the cost burden rose at a stronger rate. Output charges increased at a softer pace in May. With inflation rate easing to the lowest in five months.

The composite PMI, which combined manufacturing and services, rose to 51.5 in May from 53.0 in the previous month.

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