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Financial News: Russia's Services Growth Picks Up Pace In July

Russia's Services Growth Picks Up Pace In July

08/03/2018 - 03:18:00 (RTTNews)

(RTTNews) - Russia's service sector activity expanded at a faster pace in July, underpinned by strong growth in new orders, survey data from IHS Markit showed Friday.

The services Purchasing Managers' Index rose to 52.8 in July from 52.3 in June. The index was expected to increase to 53.0.

Any reading above 50 indicates expansion in the sector.

The composite output index, which covers both manufacturing and services, declined to 51.7 in July from 52.0 in the preceding month.

Moreover, the latest score was the lowest since May 2016, reflecting a decline in manufacturing output.

New orders received by Russian services firms grew at a quicker rate in July amid greater client demand and increased output following the recent football World Cup.

However, services employment dropped at the fastest rate since April 2016.

On the price front, input price inflation remained marked in July, but eased to a four-month low. Selling prices also climbed at a quicker pace.

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