Markit: Russia’s Services PMI rises to 54.2 points in August

MOSCOW, Sep 5 (PRIME) -- Russia’s Services Manufacturing Purchasing Managers’ Index (PMI) rose to 54.2 points in August from July’s 14-month low of 52.6 points, researcher IHS Markit said in a report on Tuesday.

“August survey data indicated continued growth in business activity across the Russian service sector. The pace of expansion in both output and new business accelerated from July to solid rates,” Sian Jones, economist at HIS Markit, said.

Growth in new business received by Russian service sector firms was faster than July’s nine-month low in August, with the rise in new orders being ensured by a greater willingness to spend among clients and improvements in market conditions, the report said. Meanwhile, the upturn in new orders in the manufacturing sector eased from July’s six-month high.

“Inflationary pressures were historically muted in August. Both input cost and output price inflation eased from July, with average prices charged increasing at the slowest pace since March,” Jones also said.

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