RTTNews - Russia's seasonally adjusted services purchasing managers' index, or PMI, declined to 48.5 in July from 49.7 in June , a report from the VTB Capital said on Wednesday.

This was the second highest level of the current ten-month period of decline in services PMI, the VTB said.

A PMI reading below 50 indicates contraction, while a reading above 50 signals expansion.

In July, new business received by nation's service providers dropped at a faster rate compared to the preceding month, but it was still weaker than the earlier months.

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