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Financial News: Russia Services Activity Contracts In October

Russia Services Activity Contracts In October

11/03/2021 - 08:02:00 (RTTNews)

(RTTNews) - Russia's service sector contracted in October on subdued client demand, data from IHS Markit showed on Wednesday.

The services Purchasing Managers' Index fell to 48.8 in October from 50.5 in September

This was the biggest decline since December last year. Any reading below 50 indicates contraction in the sector.

New orders declined for the first time in 2021, while new export orders recovered in October.

Input costs accelerated in October and the rate of inflation was the fastest since May. The rate of output price inflation rose to the quickest for four months.

The number of workforce declined for the second time in three months in October and backlogs of work fell at a quicker pace.

The degree of confidence softened in October but the service providers remained optimistic of increase in output over the coming 12 months.

The composite output index fell to 49.5 in October from 50.5 in the previous month, signaling a renewed contraction in the private sector.

"Russian service providers indicated a dour start to the fourth quarter, as business activity sank into contraction once again," Sian Jones, a senior economist at IHS Markit, said.

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