FX.co ★ US Services Activity Unexpectedly Accelerates: S&P Global

The S&P Global US Services PMI edged up to 55 in November 2025, compared to 54.8 in October, surpassing expectations of a slight dip to 54.6. This marks the most significant expansion in US services activity since July, based on preliminary estimates. The rise in new orders at the fastest rate since the start of the year highlights strong client demand, despite ongoing high inflation and economic uncertainty in the US. However, employment growth slowed compared to the previous month, as companies reported challenges in replacing employees who voluntarily left. Additionally, input costs increased at their highest rate since January 2023, prompting a renewed acceleration in selling prices. Looking ahead, the measure of business optimism improved to its highest level in 11 months.