Russia: Services PMI hits highest reading since June 2021 in July
The IHS Markit Services Purchasing Managers’ Index (PMI) rose to 54.7 in July from June’s 51.7. July’s result marked the strongest reading since June 2021. As a result, the index moved further above the 50.0 no-change threshold, signaling a faster improvement in business conditions compared to the previous month.
July’s result marked the strongest output growth in over a year. Services activity was propped up by a stronger growth in newbusiness thanks to firmer domestic client demand, which more than offsetting a sharper contraction in new export orders.
The S&P Global Composite Output Index stood at 52.2 in July, up from June’s 50.4.