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Financial News: Russia Services Growth Improves Unexpectedly In May

Russia Services Growth Improves Unexpectedly In May

06/05/2017 - 02:38:00 (RTTNews)

(RTTNews) - Russia's service sector growth improved unexpectedly in May, though slightly, survey figures from IHS Markit showed Monday.

The IHS Markit Russia Services Business Activity Index edged up to 56.3 in May from 56.1 in April. Meanwhile, economists had expected the index to drop to 55.6.

Any reading above 50 indicates expansion in the sector.

The Composite PMI, which combines manufacturing and services, climbed to 56.0 in May from 55.3 in the preceding month.

New business growth in the service sector eased marginally in May but was in line with the long-run series average. Meanwhile, new order growth in the manufacturing sector accelerated.

The level of output at service providers grew for the sixteenth consecutive month, with data for 2017 so far signalling strong growth.

The rate of job creation among Russian service providers was the strongest since May 2013. In contrast, the goods-producing sector signaled a further contraction in staffing levels.

On the price front, input price inflation faced by services firms softened from April's 4-month high. Similarly, manufacturing input prices rose at a fractionally softer pace than in April.

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