Russian services sector growth dips in September, PMI report shows

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Business activity in Russia’s services sector grew at a slower pace in September amid a weaker rise in demand, a business survey showed on Thursday, with firms also moderating their hiring efforts.

The S&P Global Purchasing Managers’ Index for Russian services fell to 50.5 in September from 52.3 in August, indicating only a fractional rise in output. Any reading above 50 signals growth, while below 50 indicates contraction.

The pace of job creation eased to its weakest since February, the survey showed, and new orders increased for the third consecutive month but at a slower pace than in August.

“Anecdotal evidence noted that despite demand increasing on average, there were instances of a slowdown in client activity,”

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This article was written by Ryan Paisey at www.forexlive.com.