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Financial News: Russia's Services Growth Strongest In 10 Months

Russia's Services Growth Strongest In 10 Months

12/05/2017 - 01:55:00 (RTTNews)

(RTTNews) - Russia's service sector activity expanded at the sharpest pace in nearly a year in November, boosted by a sharp upturn in new business, survey data from IHS Markit showed Tuesday.

The services Purchasing Managers' Index climbed to 57.4 in November from 53.9 in October. Meanwhile, economists had expected the index to fall to 53.7.

Any reading above 50 indicates expansion in the sector.

The composite output index, which covers both manufacturing and services, rose to 56.3 in November from 53.2 in October.

New orders received by service providers grew at the fastest rate since July 2008, linked to higher client demand and the acquisition of new clients. Growth in manufacturing orders reached a four-month high.

In line with the upturns in new orders and business activity, the rate of job creation in the service sector quickened to the fastest since May 2013.

On the price front, input price inflation faced by services firms accelerated to a 4-month high in November, driven by higher fuel and component costs.

The rate of increase in output prices eased to the weakest since March and was only moderate.

"Business confidence remained robust in November, but optimism did fall to a three-month low," Sian Jones, Economist at IHS Markit, said.

"Firms stated that positive sentiment reflected planned product diversification and stronger client demand."

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