Russia: Services PMI decreases in October
The S&P Global Russia Services PMI Business Activity Index fell to 53.6 in October from September’s 55.4. October’s result marked the weakest reading since February. That said, the index remained above the 50.0 no-change mark, pointing to a moderating improvement in the services sector operating conditions from the previous month.
New business received recorded the weakest increase since May, amid reports that lower purchasing power among customers due to rising inflation weighed on demand. In contrast, the rate of increase in new export orders was among the strongest in over nine years of data collection for the series, thanks to robust demand from neighboring countries. Meanwhile, cost pressures remained elevated in November, and selling prices rose further. Lastly, firms continued to expand employment due to sustained pressure on capacity and remained upbeat regarding the future outlook.
Meanwhile, the S&P Global Russia Composite PMI Output Index fell to 52.4 in November, from 53.6 in October.