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Russia Services Growth At 11-Month High

Russia's services sector expanded the most in nearly a year during October, boosted by solid growth in both output and new business, survey data from IHS Markit showed on Tuesday.

The services Purchasing Managers Index climbed to 56.9 from 54.7 in September. Economists had forecast a reading of 54.5.

A PMI score above 50 suggests growth in activity and the latest reading was the highest since November 2017.

Survey participants attributed the rise in output to a faster increase in new orders. Service sector employment grew for the first time since May. Inflationary pressures continued to build.

The composite PMI, which combined manufacturing and services, rose to 55.8 from 53.5 in September. The reading was the strongest thus far this year.

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