Activity in Russia's service sector increased at the slowest pace in twenty-two months in July, data from a survey by Markit Economics and HSBC Bank showed Friday.
The purchasing managers' index (PMI) for the services sector dropped to 52 in July from 53.2 in June, marking the slowest expansion in twenty-two months. A PMI reading above 50 indicates expansion in the sector, while one below suggests decline.
New business received by service providers rose at the slowest pace in the current 23-month sequence. Also, the 12-month outlook for services activity deteriorated sharply in July.
Service sector companies increased their workforces during the month, and the rate of workforce growth picked up from June's marginal pace. Input price inflation strengthened to a six-month high in July on rising cost pressures to energy, fuel, utilities and labor. Firms increased their charges at a faster rate during the month.
Meanwhile, the composite output index, which measures performance of both the manufacturing sector and the service sector, remained unchanged at June's eight-month low of 52.6 as slower rise in services activity offsets stronger gain in manufacturing output.
by RTT Staff Writer
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