The S&P Global Russia Services PMI Business Activity Index slipped to 50.1 in October 2026 from 51.3 in September, its weakest level since April. The loss of momentum was driven by softer demand, with new business falling for the first time in three months amid a shrinking client base and tighter customer budgets. On the labor front, employment returned to growth, ending an eight‑month stretch of job cuts, though the pace of hiring was modest and remained below the long‑run average. At the same time, workloads continued to ease, with outstanding business declining in six of the past seven months.
Price pressures picked up: input cost inflation accelerated for the first time in three months, with operating expenses rising sharply, although still running below the historical trend. In response, firms raised their output charges at the fastest pace in eight months, passing higher costs on to clients. Looking ahead, business confidence weakened for a second straight month, slipping below both the 2026 average and its long‑term norm amid ongoing economic uncertainty.
