Russia: Services PMI rises in June
The S&P Global Russia Services PMI Business Activity Index rose to 56.8 in June from May’s 54.3. As such, the index moved further above the 50.0 no-change threshold, signaling a faster improvement in services sector operating conditions compared to the previous month.
The upturn was fueled by faster new orders growth, thanks to improving demand conditions at home and abroad. To satisfy growing consumer appetite, services providers accelerated hiring, with job creation hitting the highest in over a decade. On the price front, both input costs and output charges rose at a faster pace, with many firms passing higher costs through to customers. Lastly, business confidence rose further in June.
Meanwhile, the S&P Global Composite Output Index PMI rose to 55.8 in July, from 54.4 in May.