MOSCOW, Nov 6 (Reuters) - Activity in Russia’s service sector rose for the third month in a row and reached a one-year high in October thanks to an increase in new orders, a survey showed on Wednesday.
IHS Markit’s Purchasing Managers’ Index (PMI) for services rose to 55.8 in October, its highest since October 2018, from 53.6 a month before, pulling further away from the 50 mark that separates expansion from contraction.
“Greater demand was seen both domestically and externally as new business from abroad expanded at a solid pace,” said Sian Jones, an economist at IHS Markit, which compiles the survey.
“Service providers were buoyed by the continued upturn in new business and therefore raised their workforce numbers for a second month running,” Jones said.
Business activity expectations in the sector improved in October amid acquisitions of new clients and the development of new service lines, the monthly survey showed.
Russian services providers were more upbeat than their peers in the manufacturing business. A sister survey last week showed activity in the manufacturing sector shrank in October for the sixth straight month, hit by weaker client demand.
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