Russia: Services PMI decreases in October
The S&P Global Russia Services PMI Business Activity Index fell to 53.6 in October from September’s 55.4. October’s result marked the weakest reading since February. As a result, the index remained above the 50.0 no-change mark, pointing to a moderating improvement in services sector operating conditions from the previous month.
The loss of momentum came on the back of a slowdown in output growth which was the softest in eight months. That said, the overall expansion remained healthy, mostly thanks to a surge in new export orders, which grew at the second-fastest pace on record in October. Meanwhile, business confidence jumped to an over four-year high, prompting firms to accelerate hiring. Lastly, inflationary pressures remained elevated in October, although both input costs and output charges rose at a softer pace compared to the previous month.
Meanwhile, the S&P Global Composite Output Index fell to 53.6 in October from September’s 54.7.