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Investing.com -- Russia’s services sector expanded at a faster pace in November, with the S&P Global Russia Services PMI Business Activity Index rising to 52.2 from 51.7 in October, marking the strongest growth in six months.
The improvement was driven by a renewed expansion in new business, ending a four-month period of contraction. Service providers attributed the upturn to stronger customer demand and new client acquisitions through referrals.
The increase in new orders put pressure on capacity, with backlogs of work rising for the second consecutive month at the sharpest pace since June, though still at a modest level overall.
In response to growing workloads, service companies continued to add staff in November, though the pace of job creation slowed to a four-month low. Firms reported hiring primarily full-time employees to support business requirements.
Input costs continued to rise strongly, with companies citing higher wage bills and supplier costs as key factors, though the rate of inflation was softer than the historical average. Similarly, output charges increased at a slower pace as businesses passed higher costs on to clients.
Business confidence improved from October’s 34-month low as companies planned to launch new products and invest in customer outreach, though optimism remained historically subdued.
Meanwhile, the S&P Global Russia Composite PMI Output Index, which measures activity across both manufacturing and services, registered 50.1 in November, nearly unchanged from 50.2 in October, indicating a broad stagnation in private sector activity. The stronger services performance was almost entirely offset by accelerated contraction in manufacturing production.
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