By Laura Mills
MOSCOW--Activity in Russia's services sector deteriorated in October, as an overall upturn in the rate of business activity was countered by rising unemployment and slowing business activity growth, a Markit survey of purchasing managers showed Thursday.
The headline Purchasing Managers' Index for the services sector fell to 52.7 in October, down from 53.0 in September, remaining above the 50 level that separates growth from contraction.
"Softer increases in new business and incomplete work levels weighed on the performance of the services sector, while firms maintained their current job shedding policies," Samuel Agass, economist at Markit, said in a monthly report. "However, the performance of the sector isstill stronger in comparison to the 2016 average, thus leaving it well placed to experience a solid fourth quarter of growth."
Unemployment levels fell at the fastest pace since May. New orders and outstanding business rose, though the rate of business activity eased.
Both the services sector and the manufacturing sector faced greater inflationary pressures during October.
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(END) Dow Jones Newswires
November 03, 2016 05:52 ET (09:52 GMT)
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