FX.co ★ Russia Services PMI Rises to 4-Month High

In August 2025, the S&P Global Russia Services PMI reached a four-month high of 50.0, recovering from July's 13-month low of 48.6. This indicates a stabilization in overall activity after two months of contraction. Despite ongoing reports from some companies regarding subdued demand, there are signs that the slower decline in new business has helped stabilize output levels. New orders experienced a slight decline for the second consecutive month, with firms attributing this to difficult financial conditions and customer hesitancy. In terms of employment, there was a modest increase, representing the fastest rate of job creation since February. Meanwhile, work backlogs remained largely unchanged. On the pricing front, input cost inflation eased to its lowest point since May 2020. In contrast, output cost inflation surged to a seven-month high as companies attempted to pass on increased costs to customers. Lastly, business sentiment diminished, reaching its second-lowest point since July 2023.