Russia Services PMI Holds at 6-Month High

The S&P Global Russia Services PMI Business Activity Index fell to 50.1 in October 2026 from 51.3 in September, marking its lowest reading since April. The slowdown reflected weaker demand, as new orders declined for the first time in three months amid fewer clients and pressure on customer budgets. Employment returned to growth, ending an eight-month period of job shedding, although the pace of hiring remained marginal and below the historical average. Meanwhile, backlogs of work continued to decline, falling in six of the past seven months. On the price front, input cost inflation accelerated for the first time in three months, with expenses rising sharply, although the pace remained below its long-run trend. Selling prices increased at the fastest rate in eight months as firms passed higher costs on to customers. Looking ahead, business confidence weakened for the second consecutive month, falling below the 2026 average and historical trend amid continued economic uncertainty.

The S&P Global Russia Services PMI stood at 51.3 in September 2026, unchanged from August’s six-month high, marking the second consecutive month of expansion. Output expanded, supported by a faster rise in new orders and successful marketing campaigns. However, the rate of growth remained below the series average. Employment declined for the eighth consecutive month as firms reduced staff by not replacing voluntary leavers, although the pace of job shedding was the weakest in four months. Meanwhile, backlogs of work continued to contract, indicating broadly unchanged levels of outstanding business. On the price front, input inflation eased to its slowest pace in 2026 so far and was below the historical trend. Meanwhile, selling prices rose as firms passed through higher costs to customers, though the rate of inflation eased to a three-month low. Looking ahead, business confidence ticked down from August and moved further below the long-run average.

The S&P Global Russia Services PMI increased to 51.3 in August 2026 from 49.0 in July, marking the first expansion in the sector since February. The growth was supported by rising business activity amid renewed growth in new sales and reports of stronger customer demand. Employment declined for the seventh consecutive month as firms reduced staffing levels amid subdued demand conditions, although the pace of job shedding was the weakest in three months. Meanwhile, backlogs of work continued to contract amid muted new order inflows. On the price front, input costs rose due to higher energy and transportation costs. However, inflation eased to its joint-weakest level in 2026 so far and remained below the series average. Meanwhile, selling prices rose faster as firms sought to pass on higher costs to customers and protect margins. Looking ahead, business confidence improved to a five-month high on hopes of stronger demand and investment.