Support The Moscow Times!

Service Sector Growth Slows

Service sector growth slowed in August to the weakest pace since September 2010, according to HSBC Holdings.

The Services Business Activity Index fell to 53.2 last month from 56.9 in July, HSBC said Monday, citing data compiled by London-based Markit Economics. A reading above 50 indicates expansion.

"A shift in the business expectations index from a multi-month high to a multi-month low in just three months is astonishing," Alexander Morozov, chief economist at HSBC in Moscow, said in the statement. "A visible slowdown of business expansion growth combined with a strong turbulence observed on global and Russian financial markets has frightened service providers."

(Bloomberg)

Read more

We need your help now more than ever.

Independent media outlets and journalists in Russia are being increasingly targeted with “foreign agent” and “undesirable” labels, threatening the existence of the free press day by day.

Your donation to The Moscow Times directly supports the last independent English-language news source within Russia.