Russia Services Growth Strongest In 6 Months

(RTTNews) - Russia's service sector activity expanded at the fastest pace in six months in November amid a renewed rise in new orders and continued growth in output, survey results from S&P Global showed on Wednesday.

The services purchasing managers' index, or PMI, climbed to 52.2 in November from 51.7 in October. A score above 50 suggests expansion in the sector.

New orders increased for the first time in five months in November on the back of stronger customer demand and new client wins.

In line with rising new orders, backlogs for work rose for the second straight month, while employment grew at the weakest pace in four months.

On the price front, input prices continued to rise in November, linked to higher costs for wage bills and supplier costs. Nonetheless, the rate of cost inflation was softer than the series trend. Consequently, selling prices rose at a slower pace.

The composite output index dropped slightly to 50.1 in November from 50.2 in October, signalling a broad stagnation in private sector activity.