S&P Global: the rate of decline in the number of jobs in Russia in October reached the levels of May 2020
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According to the results of October, the PMI index of the Russian services sector dropped sharply from 51.1 to 43.7 points, follows from the data of the analytical company S&P Global. According to them, the rate of decline in the number of jobs in Russia in October became the highest since May 2020.
The sharp decline in business activity in the services sector is associated with weak demand, as well as a reduction in the customer base due to sanctions and a decrease in the purchasing power of the population. The company also notes the acceleration of the decline in employment in the field. The level of job losses has reached the levels of May 2020, according to S&P Global.
S&P Global is also seeing a drop in backlogs in the services sector, declining for the third month. S&P Global also sees a decline in corporate business expectations amid weak customer purchasing power and economic uncertainty.
On the eve of S&P Global informed on the decline in the PMI index of manufacturing industries in Russia. In October, the indicator fell from 52 to 50.7 points. An index value above 50 points indicates an increase in economic activity, below – a decline.
More details – in the material “Kommersant” “Industry has become convinced of pessimism”.
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