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

Independent journalism isn’t dead. You can help keep it alive.

As the only remaining independent, English-language news source reporting from Russia, The Moscow Times plays a critical role in connecting Russia to the world.

Editorial decisions are made entirely by journalists in our newsroom, who adhere to the highest ethical standards. We fearlessly cover issues that are often considered off-limits or taboo in Russia, from domestic violence and LGBT issues to the climate crisis and a secretive nuclear blast that exposed unknowing doctors to radiation.

As we approach the holiday season, please consider making a one-time donation — or better still a recurring donation — to The Moscow Times to help us continue producing vital, high-quality journalism about the world’s largest country.