Financial News: Russia Services Growth Quickens In August

Russia Services Growth Quickens In August

09/04/2024 - 03:57:00 (RTTNews)

(RTTNews) - The Russian service sector activity expanded at the fastest pace in seven months in August amid a further improvement in demand conditions, survey results from S&P Global showed on Wednesday.

The services purchasing managers' index, or PMI, climbed to 52.3 in August from 51.1 in July. A reading above 50 indicates expansion.

Greater activity was commonly linked to stronger client demand and an associated upturn in new business, the survey said.

New orders grew at the fastest pace in five months amid improved customer demand. This encouraged firms to raise their workforce numbers, with the rate of job creation accelerating to the sharpest since January.

On the price front, input price inflation remained elevated in August due to higher supplier prices and wage bills. Nonetheless, the pace of inflation eased to a 3-month low. Selling prices also increased at a softer pace.

Looking ahead, business confidence picked up to a three-month high amid hopes of new client acquisitions.

The composite output index rose to 52.1 in August from 51.9 in July, signaling a modest upturn in business activity across the private sector.

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