Russia’s S&P Global Composite PMI registered 50.1 in November 2025, barely changed from October’s 50.2. The latest reading signaled broad stagnation in private-sector activity, with stronger services growth nearly offset by a sharper decline in manufacturing output. Total New orders stabilized after five months of contraction, supported by a renewed growth in services orders. Meanwhile, staffing levels increased broadly, with manufacturing returning to job creation. Simultaneously, operating expenses and selling prices rose more slowly, remaining below their respective series averages, as inflationary pressures intensified in manufacturing but eased in services. Finally, both goods producers and service providers reported stronger optimism for output over the coming year.

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