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

In January 2026, the S&P Global US Services PMI remained steady at 52.5, matching its eight-month low from the prior month and coming in just below market expectations of 52.8. Despite this, the services sector has experienced nearly three years of consecutive monthly growth, surpassing performance metrics of other leading economies. The influx of new business saw a slight moderation compared to the previous month, while exports dropped at their most rapid pace since 2022. This subdued demand led to a slowdown in employment growth, highlighting the effect of increased labor costs within the sector. Although input cost inflation remains high, it showed signs of moderation, resulting in a slight decrease in output charge inflation. Looking ahead, business confidence for the forthcoming year hit its lowest level in three months.