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Financial News: Russia Services Activity Contracts In June

Russia Services Activity Contracts In June

07/03/2019 - 07:59:00 (RTTNews)

(RTTNews) - Russia services sector deteriorated in June for the first time since January 2016, with fall in output, new business and employment, survey data from IHS Markit showed on Wednesday.

The services purchasing managers index, or PMI, fell to 49.7 in June from 52.0 in May. Any reading below 50 indicates a contraction in the sector.

Total new orders decreased in June, the first fall since early 2016. New export orders rose for the ninth straight month, but at the slowest pace in eight months.

Employment fell for the second month in a row, marking the fastest rate of contraction since April 2016. Backlogs of works fell further in June with a decrease in new business and clearing outstanding orders.

On the price front, input price inflation rose at a stronger rate in June and prices for raw materials were higher. Output price inflation eased further and the increase was modest and softest since September.

Business expectations declined to the lowest level in three months and the degree of confidence was below the long-run series average.

The Russian private sector activity, including both manufacturing and services, also contracted in June for the first time since January 2016.

The composite PMI dropped to 49.2 in June from 51.5 in May.

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