04.10.201702:11:00UTC+00Russia's Services Activity Growth Improves In September

Russia's service sector activity expanded more than expected in September, survey data from IHS Markit showed Wednesday.

The services Purchasing Managers' Index rose to 55.2 in September from 54.2 in August. The reading was also above the expected 54.6.

The upturn was the fastest in three months and signaled a solid end to the third quarter.

The composite output index came in at 54.8 in September, up marginally from August, as strong upturn in services activity more than offset a slightly softer increase in manufacturing output.

Output levels in the service sector rose at a strong rate and were supported by a steep upturn in new orders. Moreover, the expansion in new business was the quickest since December 2012.

Furthermore, the rate of job creation in services accelerated to the fastest in over four years.

On the price front, both input price and output charge inflation among service providers accelerated. However, the rates of inflation were both subdued in the context of the series history.