Financial News: Russian Services Activity Loses Growth Momentum

Russian Services Activity Loses Growth Momentum

10/03/2024 - 03:55:00 (RTTNews)

(RTTNews) - The Russian service sector activity grew at a weaker pace in September amid softer demand conditions, survey results from S&P Global showed on Thursday.

The services purchasing managers' index, or PMI, dropped to 50.5 in September from 52.3 in August. However, a reading above 50 indicates expansion.

Although the expansion was linked to greater new order inflows, growth in customer demand softened, the survey said.

New orders grew for the third successive month, though the pace of growth has eased since August. As a result, employment also increased at a slower rate in seven months.

On the price front, input price inflation accelerated due to greater wage bills and an uptick in supplier prices. Consequently, Russian service providers raised their selling prices.

Looking ahead, companies remained confident about expected output over the next year, spurred by planned investment in advertising and hopes of greater new orders.

The composite output index declined to 49.4 in September and 52.1 in August, indicating a renewed contraction in private sector business activity.

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