Russia: Services PMI notches seven-month high in August
The S&P Global Russia Services Purchasing Managers’ Index (PMI) improved to a seven-month high of 52.3 in August from 51.1 in July. As a result, the index moved further above the 50.0 no-change threshold, and signaled a faster improvement in services-sector business activity compared to the previous month.
In August, stronger client demand and increased client referrals drove the fastest rise in new orders since March. As a result, job creation accelerated to a seven-month high—which firms attributed to the hiring of full-time employees—and backlogs of work decreased at the steepest rate since early 2023.
Turning to prices, input costs rose at a softer clip despite firms reporting hikes in wages and supplier charges. Similarly, output price inflation rates softened. Lastly, business sentiment reached a three-month high, as firms expressed optimism about future activity, driven by increased advertising and workforce-expansion plans.