Markit says Russia’s Services PMI rises to 50.5 in Sep

MOSCOW, Oct 5 (PRIME) -- Russia’s Services Purchasing Managers’ Index (PMI) rose to 50.5 in September from 49.3 in August, rising above the 50 no-change mark, which signals an overall expansion of activity in the sector, researcher HIS Markit said in a statement on Tuesday.

“The seasonally adjusted IHS Markit Russia Services Business Activity Index registered 50.5 in September, up from 49.3 in August, to signal a fractional expansion in business activity across the Russian services economy. The renewed upturn was reportedly linked to stronger demand conditions and a sustained rise in new business,” Markit said.

Business confidence across the Russian service sector improved in September. “The degree of confidence regarding growth prospects over the coming year was marked overall and the strongest since May 2019. Optimism at firms reportedly stemmed from hopes of stronger demand over the coming months,” the researcher said.

Reflecting stronger output expectations, service providers registered a renewed rise in employment, the researcher said. “Despite firms stating that greater staffing numbers were due to increased business requirements, the rate of job creation was only fractional overall,” it added.

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