Financial News: Russia Services Activity Expands Most In 10 Months

Russia Services Activity Expands Most In 10 Months

12/04/2024 - 03:02:00 (RTTNews)

(RTTNews) - The Russian service sector's growth quickened in November amid a faster rise in new business on the back of strong demand conditions, survey results from S&P Global showed on Wednesday.

The services purchasing managers' index, or PMI, rose to 53.2 in November from 51.6 in October. A reading above 50 indicates expansion.

The pace of growth in output was the steepest since January this year, the survey said.

New orders grew at the fastest pace in eight months, thanks to a more favorable sales environment along with the release of new service lines.

On the price front, input prices logged another sharp increase due to higher supplier, transportation, and wage costs. Nonetheless, the rate of cost inflation eased slightly, and the selling price inflation softened to a 3-month low.

Firms lifted their workforce numbers for the sixteenth successive month, though the pace of job creation eased to the slowest since February.

Looking ahead, firms remained more confident about output expectations over the next twelve months amid hopes of strengthening demand conditions and investment in new service lines.

The composite output index climbed to 52.6 in November from 50.9 in October, indicating a solid and accelerated upturn in private sector business activity.

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