The Russian service sector activity deteriorated further in July amid a renewed decline in new orders, survey results from S&P Global showed on Tuesday.
The services purchasing managers' index, or PMI, dropped to 48.6 in July from 49.2 in June. Any reading below 50 indicates contraction in the sector. Further, the rate of decline was the steepest since June 2024.
During July, lower activity was widely linked to a reduction in new order intakes and weak client demand. New orders fell after a 12-month sequence of growth, while employment logged a moderated increase.
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June 12, 2026 17:14 ET Major central bank action was the focus this week in economic news. The European Central Bank became the first major central bank to move in response to the rising inflationary pressures in the backdrop of the conflict in the Middle East. In North America, the U.S. inflation and trade data as well as Canada’s central bank decision gained attention. The Chinese trade data was the main news in Asia.