Russia Services PMI Growth Remains Strong … RTT
Russia Services PMI Growth Remains Strong In May
Russia’s service sector growth remained robust in May despite easing from April, survey data from IHS Markit showed Tuesday.
The services Purchasing Managers’ Index dropped to 54.1 in May from 55.5 in April.
Economists had expected the index to fall to 55.2.
However, any reading above 50 indicates expansion in the sector.
The composite output index, which covers both manufacturing and services, also declined to 53.4 in May from 54.9 in the preceding month.
New orders received by Russian service providers remained substantial in May, but the growth rates was down from those seen at the turn of the year.
The rate of job creation softened for the third straight month in May, reflective of weaker pressure on capacities.
On the price front, input price inflation in the service sector was the second-fastest since August 2016, largely driven by higher wages and fuel prices. Output price inflation eased from April’s 38-month high.
by RTTNews Staff Writer