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Financial News: Russia's Service Sector Growth Accelerates In September

Russia's Service Sector Growth Accelerates In September

10/03/2018 - 02:43:00 (RTTNews)

(RTTNews) - Russia's services activity logged a strong expansion in September on the fastest rise in output since April, data from IHS Markit showed Wednesday.

The services Purchasing Managers' Index rose to 54.7 in September from 53.3 in August. A score above 50 indicates expansion.

Although firms signaled faster rise in output amid strong new business, employment and backlogs contracted further in September.

On price front, the rate of input price inflation accelerated amid reports of an unfavorable exchange rate helping push up purchase prices. However, the pace of charge inflation eased to an eight-month low.

The composite output index, covering both manufacturing and services, came in at 53.5 in September versus 52.1 in August. Growth continued to gain momentum, with the rate of expansion accelerating to the fastest since April, data showed.

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