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Financial News: Russia Services Growth Eases More Than Expected In

Russia Services Growth Eases More Than Expected In October

11/03/2017 - 02:38:00 (RTTNews)

(RTTNews) - Russia's service sector growth moderated more-than-expected in October, survey data from IHS Markit showed Friday.

The services Purchasing Managers' Index fell to a 3-month low of 53.9 in October from 55.2 in September. Economists had expected the index to drop to 54.8.

However, any reading above 50 indicates expansion in the sector.

The composite output index, which covers both manufacturing and services, dropped to 53.2 in October from 54.8 in the previous month.

Moreover, the manufacturing production upturn was the slowest since July 2016.

New business received by service providers rose further in October, but the growth rate was weaker than in September. New orders at goods producers increased at the slowest pace since June.

Services companies raised their workforce numbers at a solid pace in October and the upturn was the second-strongest since May 2013.

On the price front, input costs paid by service providers rose at the weakest rate in four months and the output price inflation eased from September to a modest pace.

"Russian service providers reported the strongest degree of confidence towards the outlook since April 2012," Sian Jones, Economist at IHS Markit, said.

"Optimism was attributed to larger client bases and greater overall business activity."

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