Russian Services Sector PMI Reached a Three-month High in Q3

The services sector in Russia rose at the fastest rate in three months to September amid higher demand in new orders and hiring according to the survey on Wednesday.

The Markit purchasing managers index (PMI) for the said sector increased to 55.2 in September from 54.2 in August. The figure stayed higher than the 50 mark which set apart increase from contraction since the second month of 2016. The survey showed a stronger output, new orders and high export demand boosted the manufacturing activity for the first time since August 2013.

Experts that derived the conclusion that both foreign and domestic clients pushed the high demand for new orders. At the same time, a good business environment contributed in improving the business confidence and adjust the anticipated output higher to an eight-month high.

The expansion of business since the end month of 2012 has been at the fastest rate that backed up the rise of employment growth. Moreover, the workforce has significantly increased at the swiftest rate since May 2013 as mentioned by an IHS Markit economist Sian Jones.