Russia services PMI drops in June

The S&P Global Russia Services PMI Business Activity Index fell to 47.6 in June from 49.8 in May, signaling the steepest contraction in the sector since December 2022, according to S&P Global’s latest report.

Market participants attributed the decline to weaker demand and a slight drop in new orders. Some companies also reported a reduction in client numbers, which marks the lowest level of the index since January 2023.

Despite the decline in new order inflows, Russian services firms continued to hire additional staff in June. However, the hiring pace was the slowest in four months and only marginal. Companies attributed the rise in headcounts to an increase in both full-time and part-time employees.