Markit: Russia Services PMI remains strong at 55.5 points in June

MOSCOW, Jul 5 (PRIME) -- Business activity in the service sector increased in June with the Russia Services Business Activity Index registering 55.5 points, and the pace of expansion remained strong despite softening from May’s 56.3 points, researcher IHS Markit said in a research note released on Wednesday.

“Growth over the second quarter as a whole was only slightly lower than in the first quarter. Panellists commonly attributed a higher level of business activity to more robust client demand,” the note read.

“The latest survey data also signaled solid growth in new business, leading to higher employment. On the price front, both cost burdens and output charges rose, but at historically weak rates. Business confidence continued to be robust, with a stronger degree of optimism reported compared to May.”

Input prices paid by firms in the Russian service sector increased in June. This extended the current sequence of cost inflation seen since the first month of data collection in October 2001, while the pace of inflation softened from that seen in May, the researcher said.

Output prices charged by firms in the Russian service sector also rose at a pace that was historically slow. The rate of charge inflation weakened from May’s 20-month high to a 3-month low, it also said.

For further details, see the Markit official Web site:

https://www.markiteconomics.com/Survey/PressRelease.mvc/e5fbec027f7e467a8f2c7f6462d3f5fe

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