Russian VTB Services PMI Drops In July

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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.

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. (Market News Provided by RTTNews)