MOSCOW, Oct 5 (PRIME) -- Russia’s Services Purchasing Managers’ Index (PMI) rose to 51.1 in September from 49.9 in August, rising above the 50-point no-change threshold and signaling a slight expansion, research agency S&P Global said in a statement on Wednesday.
The increase in the sector’s output was marginal as the growth of new orders eased to the slowest over the past four months. Client demand is still mainly internal as sanctions curb demand from foreign customers, which results in a slow increase of new business and a corresponding decrease in employment, S&P Global said.
Still, business confidence grows as companies hope for further expansion in customer demand. Average cost burdens rise at a softer pace, and the increase in selling prices quickened as companies seek to pass higher costs through to their clients.
The S&P Global Russia Composite PMI Output Index rose to 51.5 in September from 50.4 in August signaling another monthly expansion in private business sector activity, which was relatively slow as new business softened. Domestic demand grows while new export orders fall.
Overall employment remained almost unchanged in September, as the decline in service sector employees was offset by growth of employment in the manufacturing industry. Cost pressures eased in September, and the month saw a widespread improvement in business expectations, the agency said.
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