MOSCOW (dpa-AFX) - The Russian service sector activity expanded at the fastest pace in four months in May amid stronger demand conditions, survey results from S&P Global showed on Wednesday.
The services purchasing managers' index, or PMI, rose to 52.2 in May from 50.1 in April. A reading above 50 indicates expansion.
New orders grew at a solid pace in May on the back of new customer acquisitions and client referrals and an improvement in the sales environment.
Meanwhile, companies reduced their workforce numbers in May due to the non-replacement of voluntary leavers, with the rate of job shedding being the fastest since January.
On the price front, input price inflation eased to the slowest since July 2020 as favorable exchange rates had softened pressure on cost burdens. Despite this, selling prices rose at a quicker rate in May.
The composite output index climbed to 51.4 in May from 49.8 in April, signaling a renewed expansion in private sector business activity.
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