FX.co ★ US Services Activity Revised Lower: S&P Global

In November 2025, the S&P Global US Services PMI experienced a decline to 54.1, down from October's figure of 54.8. This was a downward revision from the preliminary estimate of 55 and fell short of initial market expectations set at 54.6, signaling the slowest expansion within the sector over the last five months. Nevertheless, the data still indicates substantial growth in activity, with new orders reaching their highest level since the beginning of the year. This surge suggests strong client demand despite prevailing high inflation rates and economic uncertainties in the U.S. economy. Business confidence showed improvement, bolstered by strong client demand and the anticipation of reduced interest rates. As a result, service providers have been hiring more employees. Regarding pricing, input costs rose at their fastest pace since May, with tariffs being identified as a primary factor impacting operating expenses. Consequently, inflation in output charges remains significantly above its long-term average.