The purchasing managers ‘ index (PMI) for the Russian service sector by the end of July 2016 rose to 55 points from 53.8 points in June, to the report by Markit. Thus, PMI does not just kept considerably above the critical mark of 50 points, indicating continued growth in business activity, but also reached the highest level since February 2013, or 41 months.
Experts Markit noted that business activity in the service sector is continuously growing for six months. For the same six months continued to increase its volume of new orders in July 2016, this figure was the highest since January 2013.
Another indication of the improvement in the Markit report called the stabilization of the volume of unfinished orders, which ceased to decline for the first time in five and a half years. According to Markit economist Samuel Agassa, it helped the services sector for the first time in 29 months to return to growth in the number of jobs.
“This suggests that growth is likely to continue in the coming months and will continue to support the overall rise in the private sector,” said Agassi.
The aggregate index of production in the private sector by the end of July 2016 has not changed, remaining fixed in June the level of 53.5 points, as growth in activity in the services sector was offset by the downturn in the industry.
According to Markit, the volume of outstanding business in the manufacturing sector in July 2016 rose for the first time after 41 months of contraction, however, the volume of new again began to decline after the June growth. While manufacturing employment continues to decline for 37 months in a row.