FX.co ★ US Services Growth Eases in October

The S&P Global US Services PMI slipped to 56.1 in October 2026 from September’s near five-year high of 58.8, coming in below the preliminary estimate of 57.9. Despite the decline, the latest reading still indicated strong expansion in services activity, led by the technology sector, with solid growth also recorded in consumer-facing industries and financial services. New business inflows rose sharply once again, supported by firm market demand, and service providers continued to add to their payrolls. However, the pace of growth in both business activity and new orders eased from September’s recent peaks amid elevated inflation and heightened economic uncertainty. At the same time, operating costs climbed steeply, partly reflecting higher fuel prices, prompting firms to raise their selling prices at an even faster rate. Business confidence weakened as well, slipping to its lowest level since May.