The Russian service sector activity deteriorated further in July amid a renewed decline in new orders, survey results from S&P Global showed on Tuesday.
The services purchasing managers' index, or PMI, dropped to 48.6 in July from 49.2 in June. Any reading below 50 indicates contraction in the sector. Further, the rate of decline was the steepest since June 2024.
During July, lower activity was widely linked to a reduction in new order intakes and weak client demand. New orders fell after a 12-month sequence of growth, while employment logged a moderated increase.
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