The S&P Global Russia Services PMI rose to 51.3 in August 2026 from 49.0 in July, signaling the first expansion in the sector since February. The upturn was driven by a rebound in business activity, supported by renewed growth in new sales and reports of stronger customer demand.
Employment fell for the seventh consecutive month as firms continued to cut staff in response to subdued demand, though the rate of job losses was the slowest in three months. At the same time, backlogs of work kept shrinking, reflecting muted inflows of new orders.
On the cost side, input prices increased, largely due to higher energy and transportation expenses. Even so, overall cost inflation eased to its joint-lowest level of 2026 to date and remained below the series average. In contrast, output charges rose at a faster pace, as companies passed higher costs on to clients in an effort to protect profit margins.
Looking ahead, business confidence strengthened to a five-month high, supported by expectations of stronger demand and increased investment.
