FX.co ★ Russia Services PMI Falls to Near 3-Year Low

In September 2025, the S&P Global Russia Services PMI declined to 47.0, following August's three-month peak of 50.0. This indicates the third contraction in the services sector within four months and the most significant decrease since December 2022. The downturn is attributed to a notable decrease in new orders impacting output. Despite this continued weakness in sales, Russian service providers maintained their expansion of the workforce. Job creation surged at its swiftest pace since January 2024. On the cost front, input cost inflation reached a five-month high driven by increased supplier, wage, and utility expenses. Conversely, output price inflation eased, signaling robust market competition and efforts to boost demand. Looking forward, business confidence improved albeit still below the historical average, as companies showed cautious optimism for enhanced economic stability and a potential uptick in customer numbers.