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Russia Services Growth Strongest In A Year

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Russia Services Growth Strongest In A Year

Russia’s services sector expanded at the fastest pace in a year in October, amid gains in output, new business and employment, survey data from IHS Markit showed on Wednesday.

The services Purchasing Managers’ Index increased to 55.8 in October from 53.6 in September. Economists had forecast a score of 52.8.

Any score above 50 indicates expansion. The rate of activity growth improved for the third month running.

New business rose for the fourth month in a row in October, at the fastest pace since March. Orders from abroad increased at the fastest rate in five months.

Employment accelerated for the second straight month in October and at the fastest since February. Backlogs of work declined at the weakest rate since May.

On the price front, input price inflation slowed to the softest since early-2018, while the output charges increased, but at a slower pace.

The positive sentiment reached the highest level in five months in October, but remained slightly below the series average.

The composite output index increased to 53.3 in October from 51.4 in the previous month.

The material has been provided by InstaForex Company – www.instaforex.com