Activity in Russia’s services sector grew at its slowest pace in 10 months in November, a business survey showed on…
Activity in Russia’s services sector grew at its slowest pace in 10 months in November, a business survey showed on Tuesday, as new domestic and export business growth eased and firms grappled with stretched workforces and inflation pressures.
The S&P Global Purchasing Managers’ Index (PMI) for Russian services fell to 52.2 in November from 53.6 in October, but stayed above the 50 mark that separates expansion from contraction for the 10th consecutive month.
“The rate of growth eased notably amid a slower uptick in new business,” S&P Global said in a statement.
“Firms continued to expand employment, however, due to sustained pressure on capacity.”
Russia is grappling with a shortage of labour, in large part due to conscription and emigration linked to Russia’s February 2022 invasion of Ukraine.
Survey respondents noted the strain on…