Russian service sector activity weakened sharply in August induced by record high temperatures, new survey data showed on Friday.
Markit Economics said the HSBC services purchasing managers' index fell to a seasonally adjusted 47.0. A reading above 50 indicates expansion while one below suggests contraction. This represents the fastest rate of contraction since May last year.
New work received by Russian service providers fell in August, with the heatwave blamed. Services employment declined, following a four-month sequence of mild growth.
Meanwhile, the composite PMI, which is a weighted average of the manufacturing and services PMIs, came in at 49.9 in August, down from 54.5 in July.
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June 05, 2026 16:18 ET A busy week for economic news flow saw a slew of reports being released that reflected the trends in the U.S. labor market. In Europe, economic growth and inflation data gained attention as the European Central Bank and Bank of England head for policy session later in the month. In Asia, the monetary policy session of the Indian central bank was in focus as the country, a major oil importer, reels under the pressures of a weaker rupee and rising inflation.