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Financial News: Russia Service Sector Recovers In July

Russia Service Sector Recovers In July

08/05/2020 - 05:34:00 (RTTNews)

(RTTNews) - Russia's service sector expanded sharply in July, to the highest in eleven years as the Covid-19 restrictions were eased, survey data from IHS Markit showed on Wednesday.

The services Purchasing Managers' Index rose to 58.5 in July from 47.8 in June. This was the highest since July 2008. Any reading above 50 indicates expansion in the sector.

New business increased for the first time since February and new order inflow grew due to the easing of lockdown measures and resumption of client demand in July with the rate of expansion strongest for twelve years.

New export orders declined at a sharper rate in July. The number of workforce were reduced at a slower pace and backlogs of work continued to fall.

Output expectations increased in July and the degree of optimism rose to the highest in nine months.

Cost burden increased in July, though at a slower pace. Output cost fell for the third straight month, while selling prices rose.

The composite output index increased to 56.8 in July from 48.9 in the previous month. This was the first rise since February.

"The Russian service sector saw a renewed and substantial uptick in business activity and client demand in July," Sian Jones, economist at IHS Markit, said.

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