Markit says Russia’s Services PMI rises to 53.6 in September

MOSCOW, Oct 3 (PRIME) -- Russia’s Services Purchasing Managers’ Index (PMI) grew to 53.6 in September from 52.1 in August, remaining above the 50 no-change mark, which means an overall expansion, research company IHS Markit said in a report on Thursday.

New business increased only moderately in September, with the rate of expansion broadly in line with that seen in August and below the series trend. External demand conditions also remained subdued, with new export orders rising only fractionally and at a pace well below those seen earlier in the year.

Greater business requirements meanwhile led to a renewed rise in employment. The rate of growth was the fastest since March, but only marginal overall.

The Russia Composite Output Index, a weighted average of the Russia Manufacturing Output Index and the Russia Services Business Activity Index, fell to 51.4 in September from 51.5 in August.

“Russian service providers indicated a faster rise in business activity in September, despite only a modest expansion in new orders, as backlogs of work declined further. Although firms raised their workforce numbers for the first time since April, they expressed a lower degree of optimism towards future output. Firms highlighted difficulties facing small- and medium-sized firms,” Sian Jones, economist at IHS Markit, commented on the survey.

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