Financial News: Russian Services Activity Signals Renewed Upturn In July

Russian Services Activity Signals Renewed Upturn In July

08/05/2024 - 04:37:00 (RTTNews)

(RTTNews) - The Russian service sector returned to growth territory in July amid stronger demand conditions, survey results from S&P Global showed on Monday.

The services purchasing managers' index, or PMI, climbed to 51.1 in July from 47.6 in June. A reading above 50 indicates expansion.

New orders grew at the fastest pace in three months, underpinned by new client wins and greater customer referrals. These encouraged firms to raise their workforce numbers, and the rate of job creation accelerated to the sharpest since March.

On the price front, cost pressures intensified in July, with the pace of input price inflation rising to the quickest since January due to higher supplier costs and wage bills. As a result, selling prices increased at the steepest rate in six months.

Service providers remained confident about expected activity over the next twelve months, and the overall positive sentiment was driven by hopes of stronger demand conditions and efforts to attract new customers.

The composite output index stood at 51.9 in July versus 49.8 in June, indicating a return to growth in Russian private sector business activity.

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