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Financial News: Russia Service Sector Contracts Slightly In August

Russia Service Sector Contracts Slightly In August

09/05/2022 - 03:50:00 (RTTNews)

(RTTNews) - Russia's service sector contracted marginally in August, as output remained broadly unchanged despite a strong rise in domestic demand, survey data from S&P Global showed on Monday.

The seasonally adjusted services Purchasing Managers' Index, or PMI, dropped to 49.9 in August from July's 13-month high of 54.7.

Any reading below 50 indicates contraction, while a score above 50 suggests expansion in the sector.

Output produced in the service sector was broadly unchanged in August, after rising in the previous month. Service providers reported decreased output as a result of reduced purchasing power and the impact of sanctions.

Meanwhile, new orders grew at the second-fastest pace for two years in August, linked to the acquisition of new customers and diversification into new business lines.

On the other hand, new export orders fell for the sixth straight month in August, albeit the softest seen over the past six months.

Input price inflation accelerated to a three-month high in August amid increased expenses in material, utility and wage bills. In contrast, firms raised their selling prices at a softer pace.

Companies decreased their staffing numbers in August due to efforts to cut costs and lower business requirements.

As firms reported reduced workload backlogs, capacity pressure eased in August.

Data also showed that the composite PMI Output index fell to 50.4 in August from 52.2 in the previous month.

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