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Financial News: Russia Service Sector Expands For Fifth Straight Month

Russia Service Sector Expands For Fifth Straight Month

12/04/2019 - 01:49:00 (RTTNews)

(RTTNews) - Russia's service sector expanded for the fifth consecutive month in November, survey data from IHS Markit showed Wednesday.

The services Purchasing Managers' Index fell to 55.6 in November from 55.8 in October. But a score above 50 indicates expansion.

The sector expanded at the second-fastest pace in a year driven by higher client demand.

The survey showed that private sector signaled fifth consecutive expansion in November. Nonetheless, the composite output index declined to 52.9 from 53.3 in the previous month as manufacturing firms registered a further fall in production.

The Central Bank of Russia may look to reduce the key rate again in due course amid muted price increases and historically modest client demand across the private sector, Siân Jones, an economist at IHS Markit said.

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