Russia: Services PMI picks up in June
The IHS Markit Services Purchasing Managers’ Index (PMI) rose to 51.7 in June from May’s 48.5. Consequently, the index rose above the 50.0 no-change mark, signaling an improvement in business conditions from the previous month.
The improvement was thanks to new orders rising the first time in nine months. Stronger demand from local customers more than offset continued contraction in export orders. Moreover, future output expectations strengthened to their highest since February. Less positively, firms continued to cut their workforce numbers. Lastly, the rate of charge inflationsoftened to the lowest since February 2021.
Meanwhile, the S&P Global Composite Output Index rose to 50.4 in June, from May’s 48.2.