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News: 2012-07-04 05:21:00 UTC+00

Russia Service Sector Growth Moderates In June

Russia's service sector expansion moderated in June, while the growth rate of the whole private sector eased to an eight-month low, the latest survey by Markit Economics showed Wednesday.

The seasonally adjusted HSBC business activity index, a measure designed to track changes in services activity, fell for the fourth time in five months in June, to 53.2 from 54.9 in May. This signaled the second-weakest rate of growth since last August.

The composite output index, covering manufacturing and services, fell to an eight-month low of 52.6 in June.

New business placed with the service sector companies increased at the weakest pace since September 2010, when growth resumed following the heatwave-related disruption. Manufacturing new orders also rose at a slower pace.

Job creation in services sector slowed almost to a halt in June. Moreover, manufacturers cut staff slightly during the month, resulting in broadly no change at the composite level, Markit said.

Published: 2012-07-04 05:21:00 UTC+00 10 months, 2 weeks, 22 hours, 52 min. ago
 
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