FX.co ★ US Services Growth at Over 4-1/2-Year High: S&P Global

The S&P Global US Services PMI rose to 58.8 in September 2026 from 56.5 in August, slightly above the flash estimate of 58.7. The index has now indicated sustained growth in business activity for six consecutive months, with the latest expansion the strongest since July 2021.

New orders recorded their sharpest increase in more than four years, driven by robust domestic demand that outpaced the growth in export orders. Employment also strengthened, with workforce numbers rising for a third straight month and job creation accelerating to its fastest pace since June 2022.

Persistent strength in new orders continued to exceed operating capacity, contributing to another solid rise in backlogs of work and extending the current sequence of accumulation to 19 months. At the same time, cost pressures intensified: input prices climbed sharply to their highest level since November 2022, reflecting higher gas and labor costs.