MOSCOW, Dec. 3 (Xinhua) -- Russia's services Purchasing Managers' Index (PMI) logged the quickest rate of growth in the past six months, hitting 52.2 in November, an analytics and financial information agency said Wednesday.
S&P Global said in a report that the PMI, a key indicator of economic health, signals expansion in business activity when it exceeds 50 and contraction when it falls below that threshold.
The latest services PMI climbed to 52.2 in November from 51.7 in October, the report outlined, noting that companies credited the upturn to greater new order inflows and stronger demand conditions.
The expansion in output was fueled by a renewed pickup in new business during November, it added.
Service providers continued to expand their workforce to meet the current demand, but the rate of job creation eased to the lowest point of the recent four months, according to S&P Global.
Companies voiced heightened optimism about output over the coming year, the report indicated, fueled by plans to launch new products and invest in customer outreach.
Business confidence rebounded from October's 34-month low but remained at a historically muted level, it said.
