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Financial News: Russia Service Sector Expansion Slows In September

Russia Service Sector Expansion Slows In September

10/05/2020 - 08:36:00 (RTTNews)

(RTTNews) - Russia's service sector expanded at a softer pace in September, survey data from IHS Markit showed on Monday

The services Purchasing Managers' Index fell to 53.7 in September from 58.2 in August. Any reading above 50 indicates expansion in the sector.

The quarterly PMI reading was the highest since the opening of three moths of 2017.

New business growth was solid in September, but the rate of increase eased to the lowest in three months. New export orders weighed on total sales with demand from abroad falling for the seventh straight month.

The number of staff were reduced in September and the backlogs of work declined at a faster pace.

Cost burden rose sharply in September, with the rate of inflation quickest for six months and input cost increased. Selling prices rose at the fastest rate since March.

Business confidence moderated in September and firms remained optimistic of an increase in business activity over the coming year, but the degree of positive sentiment was muted.

The composite output index decreased to 53.7 in September from 57.3 in the preceding month.

"Panelist reports of currency volatility and cost pressures from supplier price hikes mean we are not likely to see a further interest rate cut by the Central Bank of Russia in the coming months," Sian Jones, economist at IHS Markit, said.

"Our latest forecast expects the base rate to remain at 4.25 percent for the rest of 2020," Jones said.

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