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Financial News: Russia Service Activity Contracts In November

Russia Service Activity Contracts In November

12/03/2021 - 07:28:00 (RTTNews)

(RTTNews) - Russia's service sector contracted at the fastest pace since October last year, data from IHS Markit showed on Friday.

The services Purchasing Managers' Index fell to 47.1 in November from 48.8 in October. Any reading below 50 indicates contraction in the sector.

New sales declined at a solid pace in November and the rate of contraction was the fastest for seventeen months.

The rate of input cost inflation quickened in November and output charges increased at a softer rate.

Employment remained unchanged in November and backlogs of work declined for the tenth month in a row.

Firms' outlook for output over the coming year increased in November.

The composite output index fell to 48.4 in November from 49.5 in the previous month, signaling a marginal contraction in the private sector.

"Russian service providers registered the strongest contraction in business activity for just over a year in November, amid a marked resurgence in virus cases and partially reimposed restrictions," Sian Jones, senior economist at IHS Markit, said.

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