Russia Services Growth Slows In July

Russia's service sector grew at a softer pace in July, data from IHS Markit showed on Wednesday.

The services Purchasing Managers' Index fell to 53.5 in July from 56.5 in June. Any reading above 50 indicates expansion in the sector.

New business increased further in July and the rate of new order growth was the slowest since February.

New export orders declined for the first time since February and backlogs of work fell at the steepest pace since November last year. The rate of job creation eased to the slowest since March.

On the price font, input prices increased in July and output charges rose for the thirteenth month in a row.

Business expectations for output for the next year declined to the lowest level thus far this year.

The composite output index fell to 51.7 in July from 55.0 in June.

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