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Financial News: Russia Services Sector Expands In July

Russia Services Sector Expands In July

08/05/2019 - 04:33:00 (RTTNews)

(RTTNews) - Russia's services sector recovered in July, amid a rise in output and new business, survey data from IHS Markit showed on Monday.

The services purchasing managers' index, or PMI, rose 50.4 in July from 49.7 in June. Any reading above 50 indicates expansion in the sector.

New export orders dropped for the first time since September last year and foreign demand client decreased marginally.

Employment declined for the third straight month in July due to weaker underlying demand. Outstanding business decreased at the fastest pace.

On the price front, input cost inflation rose in July, for the first time since January's VAT-driven spike and was the sharpest for three months. The inflation was relatively muted in the series history and the cost burden increased.

Business expectations increased at the beginning of the third quarter in July.

The composite PMI rose to 50.2 in July from 49.2 in the previous month.

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