Activity in Russia's services sector expanded for the eighth month running in September, boosted by a sustained rise in client demand and new export orders, which rose at their fastest pace on record, a business survey showed on Wednesday.
Oct 4 (Reuters) - Activity in Russia’s services sector expanded for the eighth month running in September, boosted by a sustained rise in client demand and new export orders, which rose at their fastest pace on record, a business survey showed on Wednesday.
The S&P Global Purchasing Managers’ Index (PMI) for Russian services fell to 55.4 in September from 57.6 in August, but stayed far above the 50 mark that separates expansion from contraction for the eighth consecutive month.
“Although expansions in output and new orders slowed on the month, the rates of growth remained sharp overall thanks to a sustained uptick in client demand,” S&P Global said.
Russia’s weakening rouble has added to inflationary pressure in recent months, forcing the central bank into a series of interest rate hikes to 13%.
“Input prices rose in line with higher wage bills, greater costs to service loans and exchange rate weakness.”
A sister survey on Monday showed activity in Russian manufacturing grew at its fastest pace in more than six years in September, while employment in the sector rose at its quickest rate in over two decades.
The original article contains 279 words, the summary contains 186 words. Saved 33%. I’m a bot and I’m open source!
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Oct 4 (Reuters) - Activity in Russia’s services sector expanded for the eighth month running in September, boosted by a sustained rise in client demand and new export orders, which rose at their fastest pace on record, a business survey showed on Wednesday.
The S&P Global Purchasing Managers’ Index (PMI) for Russian services fell to 55.4 in September from 57.6 in August, but stayed far above the 50 mark that separates expansion from contraction for the eighth consecutive month.
“Although expansions in output and new orders slowed on the month, the rates of growth remained sharp overall thanks to a sustained uptick in client demand,” S&P Global said.
Russia’s weakening rouble has added to inflationary pressure in recent months, forcing the central bank into a series of interest rate hikes to 13%.
“Input prices rose in line with higher wage bills, greater costs to service loans and exchange rate weakness.”
A sister survey on Monday showed activity in Russian manufacturing grew at its fastest pace in more than six years in September, while employment in the sector rose at its quickest rate in over two decades.
The original article contains 279 words, the summary contains 186 words. Saved 33%. I’m a bot and I’m open source!