Russia’s Services PMI rises to 53.8 in June, Composite to 53.5

MOSCOW, Jul 5 (PRIME) -- Russia’s Services Purchasing Managers Index (PMI) grew to 53.8 in June from 51.8 in May, which means expansion of the activities at the second highest pace in 39 months, while the Composite PMI grew to 53.5 from 51.2, according to a Markit research note published Tuesday.

“Russia’s service sector experienced a sustained improvement in business activity, mirroring the gain in momentum recorded across the manufacturing sector during June,” Tim Moore, senior economist at Markit, said as cited in the statement.

New orders rose noticeably in June, in part due to the weakening of the ruble, as some companies reported. The volume of incomplete work declined a little.

But companies avoided hiring more people due to financial pressures that some companies experience. The overall number of employees decreased slightly.

Both input and output costs rose in June, Markit reported.

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