MOSCOW (dpa-AFX) - Russia's service sector came close to stagnation and expanded only marginally in October amid a renewed fall in new orders, survey results from S&P Global showed Thursday.
The services Purchasing Managers' Index posted 50.1 in October, down from 51.3 in September. However, any reading above 50 indicates expansion in the sector.
New business fell for the first time in three months due to weaker demand conditions, fewer client numbers, and pressure on customer budgets. Nonetheless, staffing numbers increased after eight months of job shedding as some firms hired staff to fill vacancies and help with existing projects.
On the price front, input price inflation accelerated amid higher prices for a wide range of items and services, including utilities, raw materials, staff, and fuel. As a result, selling prices rose at the quickest pace in eight months.
Looking ahead, business confidence softened again, and the level of sentiment was below the 2026 average so far and much lower than its historical trend.
The composite output index dropped to 50.0 in October from 50.8 in September, indicating a stagnation of overall private sector business activity across Russia.
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