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Financial News: Russia's Service Sector Expands At Faster Pace

Russia's Service Sector Expands At Faster Pace

09/05/2018 - 07:02:00 (RTTNews)

(RTTNews) - Russia's service sector expanded at the fastest pace in three months in August but confidence dipped amid fragile demand conditions, survey from IHS Markit showed Wednesday.

The services Purchasing Managers' Index rose to 53.3 in August from 52.8 in July. A score above 50 indicates expansion in the sector.

The composite output index, covering both manufacturing and services, climbed to 52.1 in August from 51.7 in July.

The latest reading signaled a pick-up in growth momentum at the composite level, driven by a stronger services expansion.

New business received by service providers continued to rise in August. At the same time, the rate of job shedding quickened to the fastest since April 2016.

On the price front, input costs faced by service providers rose steeply in August. However, charge inflation softened to a six-month low.

Business confidence among service providers towards the outlook remained strongly positive in August, despite the degree of optimism dipping to a 12-month low.

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