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Financial News: Russia Services Sector Growth At 6-Month High

Russia Services Sector Growth At 6-Month High

10/03/2019 - 10:08:00 (RTTNews)

(RTTNews) - Russia's service sector expanded at the fastest pace in six months in September, supported by new order growth and a rebound in hiring, survey data from IHS Markit showed on Thursday.

The services Purchasing Managers' Index increased to 53.6 in September from 52.1 in August. Any score above 50 indicates expansion.

New business and new export orders increased slightly in September. Ending a four-month sequence of decline in staffing levels, employment rose with higher requirements in business. Backlogs of work declined at the softest pace in three months.

Cost burdens increased at a solid rate, but the pace softened for the seventh time in eight months and was the slowest since February 2018.

The increase in charges was, however, modest due to the efforts to remain competitive.

The composite output index fell to 51.4 in September from 51.5 in the previous month.

"Although there seems to have been little contagion into the service sector so far, forward-looking indicators such as output expectations signal concerns among businesses towards the prospects for wider economic growth," Sian Jones, economist at IHS Markit, said.

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