Russia Services PMI Continues Strong In July

Growth in Russian service industries, ranging from banking and telecommunications to restaurants, slowed slightly in July from a 32-month high in June. VTB Bank Europe's Purchasing Managers' Index for services fell to 58.3 from 59.1 in June. A reading above 50 shows expansion.



Economic growth in Russia, the world's biggest energy exporter, is being stoked by record crude prices, which are boosting wages and consumer spending. Retail sales rose an annual 13.8 percent in June and the inflation rate remained at 15.1 percent, according to government figures.