Markit says Russia’s Services PMI drops to 48.8 in Oct

MOSCOW, Nov 3 (PRIME) -- Russia’s Services Purchasing Managers’ Index (PMI) fell to 48.8 in October from 50.5 in September, falling below the 50 no-change mark, which signals an overall deterioration of activity in the sector, researcher IHS Markit said in a statement on Wednesday.

“The fall in output was the second in three months, albeit only fractional overall. A quicker expansion in manufacturing production was outweighed by a renewed contraction in service sector activity,” Markit said.

“Russian service providers indicated a dour start to the fourth quarter, as business activity sank into contraction once again. A resurgence in virus cases hit the sector further as client demand weakened and new business fell for the first time in 2021. The bright spot came from foreign demand, which returned to growth in October,” Sian Jones, Senior Economist at IHS Markit, said.

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