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Financial News: Russia Service Sector Expansion Slows In August

Russia Service Sector Expansion Slows In August

09/03/2020 - 07:15:00 (RTTNews)

(RTTNews) - Russia's service sector expanded at a softer pace in August, survey data from IHS Markit showed on Thursday

The services Purchasing Managers' Index fell to 58.2 in August from 58.5 in July. Any reading above 50 indicates expansion in the sector.

New business rose at a softer pace in August with the rate of expansion faster than series average. New order growth was driven by domestic demand, as new export sales fell for the sixth straight month.

Employment increased in August, though the rate of growth in staffing numbers was fractional and firms were able to process backlogs.

Business expectation improved to the highest in ten months in August.

On the price front, cost burden rose in August and input prices increased. The rate of cost inflation grew to the highest in five months. Output charges rose for the second straight month.

The composite output index increased to 57.3 in August from 56.8 in the preceding month. This was the steepest expansion in business activity since early-2017.

"At the composite level, private sector firms saw a boost to new business growth, as the rate of expansion quickened to the fastest since November 2018 amid a renewed rise in manufacturing client demand," Sian Jones, economist at IHS Markit, said.

"That said, our current forecast signals that the economy is expected to shrink by just over 6 percent on the year in 2020, with the recovery forecast to be drawn out," Jones added.

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