MOSCOW, Dec 5 (PRIME) -- Russia's seasonally adjusted Services purchasing managers' index (PMI) increased to 48.3 in November from 43.7 in October, staying below the 50 no-change mark, which means an overall deterioration, research agency S&P Global said on Monday.
"Russian service sector firms signaled back-to-back contractions in business activity in November, according to the latest PMI data, as client demand weakened… but the rates of decline in output and new orders softened and were only marginal, as some firms noted the acquisition of new customers," the research note read.
“November data indicated only a marginal decline in new business at Russian service sector firms. The fall in new orders slowed from October, as companies stated that the acquisition of new customers had led to a less severe contraction. Nevertheless, firms highlighted subdued demand conditions,” S&P said.
“At the same time, new export orders fell sharply midway through the fourth quarter amid weak global client demand and logistics issues. New business from abroad fell at a rate that was quicker than that seen in October,” the agency said.
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