The S&P Global Russia Services PMI edged up to 49.0 in July 2026 from 48.2 in June, but remained below the 50.0 mark, indicating a fourth consecutive month of contraction in the sector. The latest print pointed to the mildest downturn in three months, as the decline in business activity eased amid a slower drop in new business inflows.
Overall demand conditions stayed subdued, with survey respondents reporting that weak client demand and reduced customer purchasing power continued to weigh on sales. New orders fell for the fourth month running, though the rate of decline slowed to its weakest since April.
Employment decreased for the sixth consecutive month as firms continued to trim staffing levels; however, the pace of job shedding moderated compared with June.
On the price front, input cost inflation accelerated, driven by fuel shortages and rising transportation costs. In response, companies raised their output charges at a faster rate.
Finally, business confidence strengthened to a three-month high, supported by expectations of stronger demand and increased investment. Nonetheless, sentiment remained below its long-run average.
