MOSCOW, Aug 5 (PRIME) -- Russia’s Services Purchasing Managers’ Index (PMI) grew to 50.4 in July from 49.7 in June, rising above the 50 no-change mark, which means an overall expansion, research company IHS Markit said in a report on Monday.
Greater output was generally attributed to an increase in new business and new client acquisitions.
The Russia Composite Output Index, a weighted average of the Russia Manufacturing Output Index and the Russia Services Business Activity Index, rose to 50.2 in July from 49.2 in June.
“The Russian service sector signaled a slight bounce-back in July, with business activity and new orders returning to expansionary territory. That said, foreign and domestic client demand was lackluster. Subsequently, firms were discouraged from hiring more staff, as employment fell at the fastest pace since early-2016,” Sian Jones, economist at IHS Markit, commented on the survey.
“At the composite level, muted client demand weighed on growth as new business continued to decrease. Overall employment declined at the quickest pace since April 2016 as business activity rose only very slightly.”
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