Markit: Russia's June Services PMI rises to 47.8 from 35.9 in May

MOSCOW, Jul 3 (PRIME) -- Russia's Services purchasing managers' index (PMI) grew to 47.8 in June from 35.9 in May, remaining below the 50 no-change mark, which means an overall deterioration, researcher Markit said in a statement on Friday.

“The seasonally adjusted IHS Markit Russia Services Business Activity Index registered 47.8 at the end of the second quarter, up notably from 35.9 in May. The downturn in business activity was only modest overall, and eased to the slowest in the current four-month sequence of contraction,” the agency said.

Lower output was connected to historically weak client demand, but the softer decrease was linked to reopening of service providers and to interest from new and existing customers.

"Russian service providers signaled a notably slower decline in business activity in June as parts of the sector began to reopen, with the rate of contraction easing further from April's nadir. That said, demand was historically subdued and the downturn in new orders remained sharp,” Markit said quoting Economist Sian Jones.

For further details, see the statement on Markit’s official website:

https://www.markiteconomics.com/Public/Home/PressRelease/ba850ebe4b1840479f5cded740393d2a

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