Russia: Services PMI eases in July
The IHS Markit Services Purchasing Managers’ Index (PMI) came in at 53.5 in July, down from June’s 56.5 reading. July’s result marked the weakest reading since February. That said, the index remained above the 50-threshold, pointing to a continued, albeit moderating, improvement in business conditions from the previous month.
Meanwhile, the Composite PMI plunged to 51.7 in July, from 55.0 in June, reflecting a broad-based downturn in both the manufacturing and the services sectors at the outset of Q3.
Commenting on result, Sian Jones, an economist at IHS Markit, said:
“Russian service providers signalled further business activity growth in July, but once again, momentum was lost as customer demand softened amid reintroduced restrictions. Foreign client demand was particularly weak, as new exports order fell following a strong expansion in June. Sadly, concerns about demand growth in the medium-term weighed on business confidence, which sank to the lowest in the year-to-date.”