RTTNews - Russian service sector activity improved in August for the first time since September 2008, the VTB Capital and Markit Economics said on Thursday.
The headline seasonally adjusted Russian services Purchasing Managers' Index or PMI increased to 52.2 in August from 48.5 in July. This was the first increase in service sector after ten consecutive months of contraction.
A PMI reading below 50 indicates contraction, while a reading above 50 signals expansion.
Input prices paid by nation's service providers continued to increase in August, while business confidence improved.
Svetlana Aslanova, analyst at VTB Capital, said, This recovery slowed down the growth of unemployment. Meanwhile, we expect the expansion of new orders will support the headcount increase in the sector to match the robust growth of demand.
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