The Russian services business activity index (PMI) rose to 49 points in July 2026 from 48.2 points in the previous month, S&P Global reported in its latest study. "The latest data indicated a slight decrease in output levels at service providers that was the slowest in three months. The drop in activity was linked to weak client demand and a further decline in new business inflows," the statement says. The level of business optimism meanwhile ticked up but remained well below the series trend," the statement says. An index value above 50 indicates expansion in business activity, while a value below indicates a slowdown.