Markit: Russia’s Services PMI rises to 52.8 points in July
MOSCOW, Aug 3 (PRIME) -- Russia’s Services Purchasing Managers’ Index (PMI) rose to 52.8 points in July from 52.3 points in June, researcher Markit said on Friday.
The index was above the 50 no-change mark, which signified an overall expansion.
Client demand increased with new business growing strongly, and output charges rose at the quickest rate for three months despite input price inflation softening.
Markit’s Russia Composite Output Index that covers both manufacturing and services sectors fell to 51.7 in July from 52.0 in June. “The latest figure signaled the weakest rate of overall business activity growth since May 2016, reflecting a decline in manufacturing output.”
“Following June’s recent dip in momentum, July survey data signaled a slight pick-up in business activity growth in the service sector. The upturn in new orders also quickened as firms reported greater client demand and increased output following the recent football World Cup,” Sian Jones, economist at HIS Markit, commented on the survey.
“On a less positive note, employment continued to fall, with the rate of job shedding accelerating, and backlogs fell for the eighth successive month.”
“Although service sector expansion quickened, overall private sector output growth eased further, driven by the first contraction in manufacturing output since April 2016.”