Russia Manufacturing Shrinks the Least in 3 Months

The S&P Global Russia Manufacturing PMI was up to 48.7 in August 2025 from 47.0 in the previous month, pointing to its highest reading since May despite marking the third straight month of decline in factory activity. Output contracted at a slower rate, and new orders dropped the least in three months. Meanwhile, employment returned to growth amid efforts to work extended shift patterns. Backlogs of work fell for a seventh month, though at the softest rate in this period. Export demand remained weak, with new foreign orders down for the fifth time in six months. Purchasing activity eased modestly, and vendor performance was broadly stable for the fifth month. On prices, input costs rose at one of the slowest rates on record amid weak demand, prompting firms to cut selling prices for the first time in nearly three years. Looking ahead, business confidence improved on plans for advertising and product launches but stayed near its lowest since late 2022.