FX.co ★ Russia Services Activity Expands for 1st Time in 5 Months

The S&P Global Russia Services PMI indicated an increase to 51.7 in October 2025, up from 47.0 in the previous month. This marks the first expansion in the services sector in five months and the most robust performance since May. The improvement is attributed to a resurgence in output growth and a less steep decline in new orders. Employment saw its fourth consecutive month of increase, although the rate of job creation slightly decelerated but remained robust overall. Additionally, the backlog of work experienced a modest rise, reaching the fastest rate in four months, despite the ongoing reduction in new orders. On the pricing front, input cost inflation reached a six-month high due to rising wage demands and elevated transportation and supplier expenses, although the growth rate stayed below the long-term series average. Concurrently, selling prices increased at the sharpest rate since January, as companies transferred higher costs to customers. Looking forward, business sentiment dipped to its lowest point since December 2022, driven by concerns regarding customer financial stability.