FX.co ★ Russia Composite PMI Falls to 35-Month Low

The S&P Global Russia Composite PMI declined to 46.6 in September 2025, down from 49.1 in August, hitting its lowest mark since October 2022. This marks the fourth consecutive month of contraction in private sector activity. A sharper decrease was observed in manufacturing output, and services also moved back into a state of contraction. New orders fell at their steepest rate since May 2022, indicating more pronounced drops across both sectors. Employment trends showed divergence, with manufacturers continuing to cut jobs. However, strong hiring within the service sector led to the most significant overall workforce growth since August 2024. Meanwhile, backlogs were reduced for the third consecutive month as companies worked through incomplete tasks. Inflationary pressures remained a concern, as costs for inputs and output prices increased at a faster rate across both sectors. In spite of these challenges, business confidence improved from August, buoyed by a widespread increase in optimism.