FX.co ★ US Services Activity Holds Robust Growth: S&P Global

In September 2025, the S&P Global US Services PMI slightly decreased to 54.2 from August's 54.5, reflecting an upward revision from the preliminary estimate of 53.9, thus surpassing the initial market forecast of 54. This figure indicates a robust expansion among domestic service providers, significantly exceeding the averages observed during the first half of the year, while notably differing from the less optimistic trend seen in the manufacturing sector. Growth in new sales has slowed down compared to the brisk pace experienced over the past two months, with reports suggesting that tariffs and economic uncertainty have taken a toll on client demand. Nevertheless, businesses are still encountering capacity pressures, with work backlogs rising for the seventh consecutive period. This has led to an increase in employment, although the pace is decelerating. Regarding pricing, companies have observed that tariffs are exacerbating operating costs, leading to higher output charges. Despite these challenges, businesses remain optimistic about the outlook for the coming year.