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

The S&P Global US Services PMI recorded a decrease to 53.9 in September 2025, down from 54.5 the previous month. This figure closely matched market forecasts of 54 and indicated the slowest rate of growth since June, as per a preliminary estimate. The sector witnessed the smallest increase in new orders in three months, with subdued domestic demand growth counterbalancing indications of a recovery in export business. Despite the growth being sufficient for service providers to continue increasing their workforce, companies reportedly faced challenges in filling all vacant positions either due to inability or reluctance. In terms of pricing, the services sector reported the second-highest inflation in the past 27 months. However, firms noted that weaker expectations for future demand constrained their ability to transfer higher inflation costs onto consumers. Looking ahead, business sentiment improved, reaching its highest level since May.