Latest Updates

• S&P Global Services PMIs: July 2025 2025-08-05 00:00

  Global - 8/5/2025

  Key Results

  Australia

  

  The S&P Global Australia Services PMI rose to 54.1 in July from 51.8 in June, marking the fastest pace of expansion in services activity since March 2024 and extending the current growth streak to 18 months.

  • New business rose at the sharpest pace since April 2022, driven by stronger domestic demand and a stabilizing export sector.
  • Employment growth accelerated, with firms hiring to support workloads and reduce backlogs.
  • Input cost inflation reached a 10-month high, while output charges rose at the fastest rate in 23 months.
  • Business confidence remained positive but fell to a 9-month low amid concerns over future growth.
  • The Composite Output Index rose to 53.8 (from 51.6 in June), reflecting broader gains in both services and manufacturing.

  China

  

  The S&P Global China General Services PMI rose to 52.6 in July from 50.6 in June, marking the fastest pace of services activity growth since May 2024 and extending the current expansion streak to over 2.5 years.

  • New business rose at the quickest rate in a year, supported by improving domestic demand and the first rise in export orders in three months.
  • Employment rebounded, with staffing levels increasing at the fastest pace since July 2024 after a decline in June.
  • Output charges rose for the first time since January, while input cost inflation also picked up, though both remained below historical averages.
  • Business confidence improved to a four-month high but stayed below the series average.
  • The Composite Output Index edged down to 50.8 (from 51.3 in June), with services growth offsetting a decline in manufacturing output.

  Russia

  The S&P Global Russia Services PMI fell to 48.6 in July from 49.2 in June, signaling a sharper decline in services activity and the steepest contraction since June 2024.

  • New business fell for the first time in 12 months, with the fastest drop since January 2023, driven by weak client demand and lower customer numbers.
  • Employment rose at the fastest pace since February, supported by improved business confidence and expectations of future growth.
  • Input and output price inflation accelerated from June but remained below long-run averages, with limited pricing power due to soft demand.
  • Backlogs of work rose only fractionally, reflecting reduced capacity pressures.
  • The Composite Output Index fell to 47.8 (from 48.5 in June), marking the sharpest contraction in private sector activity since October 2022.

  Eurozone

  

  The HCOB Eurozone Services PMI rose to 51.0 in July from 50.5 in June, marking a 4-month high and the strongest pace of services activity growth since March 2025.

  • The Composite PMI Output Index rose to 50.9 in July (from 50.6 in June), driven by services as manufacturing growth slowed.
  • New business remained flat MoM, with export orders falling for the 26th consecutive month.
  • Employment rose for a fifth straight month, at the fastest rate in over a year, despite weak demand.
  • Input cost inflation eased to its softest pace since October 2024, while output prices saw a mild acceleration to a 3-month high.
  • Among major economies, Spain led with a Composite PMI of 54.7, followed by Italy (51.5); France contracted further to 48.6.

  US

  

  The S&P Global US Services PMI rose to 55.7 in July from 52.9 in June, the highest reading year-to-date, signaling the strongest pace of expansion in the service sector since January.

  • New orders grew at the fastest rate since January, extending the current growth streak to 15 months.
  • Input and output price inflation accelerated, with firms citing tariff-related cost pressures and wage increases.
  • Backlogs of work rose for the fifth straight month, at the fastest pace since May 2022.
  • Employment rose modestly for the fifth consecutive month, with most hiring reported as part-time or temporary.
  • Business confidence remained positive but eased to a three-month low amid rising costs and subdued export demand.
  • The Composite PMI rose to 55.1 from 52.9 in June, driven by stronger services growth and a modest rise in manufacturing output.
  • Composite new orders grew at a faster pace, while employment and selling price inflation both picked up.
  • Inflationary pressures intensified, with selling prices rising at the fastest pace since August 2022.

  Brazil

  

  The S&P Global Brazil Services PMI fell to 46.3 in July from 49.3 in June, marking the sharpest decline in services activity since April 2021 and the fourth consecutive month of contraction.

  • New business dropped for the fourth straight month and at the fastest pace in 51 months.
  • Employment declined for the first time since October 2024, ending an 8-month growth streak.
  • Business confidence fell to its lowest level since mid-2020 amid political and financial uncertainty.
  • Input cost inflation eased to an 8-month low, but output charges rose at the fastest pace since February.
  • The Composite PMI fell to 46.6 (from 48.7), as both manufacturing and services saw accelerated declines in activity.
• S&P Global Services PMIs: June 2025 2025-07-03 00:00

  Global - 7/3/2025

  Key Results

  

  Australia

  

  Australia’s S&P Services PMI increased 1.2 pts to 51.8 in June, the highest since May 2024.

  • New orders increased, driven by domestic sources of demand, while foreign demand contracted at the sharpest pace in 3.5 years.
  • Services firms saw optimism rise to the highest level since May 2022.

  China

  

  The Caixin China General Services PMI fell -0.5 pts to 50.6 in June, the lowest in 9 months, indicating a softening in services activity.

  • New business growth slowed, with new export orders falling at the fastest pace since December 2022.
  • Employment declined for the third time in four months, contributing to the largest backlog buildup in a year.
  • Input costs rose marginally, but output prices were cut at the sharpest pace since April 2022 due to competitive pressures.
  • Business sentiment improved for a second month but remained well below the historical average.
  • Composite PMI rose to 51.3 (from 49.6), as manufacturing rebounded and offset weaker services growth; selling prices fell at the fastest pace in over two years.

  India

  

  The S&P India Services PMI rose 1.6 pts to 60.4 in June, the highest in 10 months, signaling strong growth in activity driven by robust domestic and export demand.

  • New orders expanded at the fastest pace since August 2024, with export orders remaining strong despite slowing modestly.
  • Employment rose for the 37th straight month, though job creation softened from May’s record.
  • Input cost inflation eased to a 10-month low, while output charge inflation also moderated but remained above the long-run average.
  • Backlogs rose slightly, reflecting mild capacity pressures.
  • Business optimism stayed positive but fell to its lowest level since mid-2022, below the long-run trend.
  • The Composite PMI climbed to 61.0 (from 59.3), the strongest in 14 months, as manufacturing and services both contributed to broad-based private sector expansion.

  Eurozone

  

  The S&P Eurozone Composite PMI rose to 50.6 in June from 50.2 in May, a 3-month high, signaling modest expansion in private sector output as both manufacturing and services activity increased.

  • The Services PMI rose to 50.5 (from 49.7), also a 3-month high, with growth driven by employment gains and improved sentiment.
  • New business fell for the 13th consecutive month, but the rate of contraction was the weakest in over a year.
  • Input price inflation held at a 6-month low; services saw sustained cost pressures, while manufacturing input costs declined.
  • Output charges rose at the fastest pace in 3 months, with services firms increasing prices more than manufacturers.
  • Business confidence improved to its highest level since July 2024, though it remained below the long-run average.

  UK

  

  The S&P Global UK Services PMI rose to 52.8 in June, up from 50.9in May, the highest in 10 months, reflecting the fastest pace of growth since August 2024 amid a rebound in domestic demand.

  • New orders increased for the first time in three months, led by domestic sales; export sales fell for the third straight month.
  • Employment declined for a ninth consecutive month, with job shedding slightly faster than in May due to cost concerns and weak capacity pressures.
  • Input cost inflation eased to a 6-month low, while output charge inflation slowed to the weakest pace since February 2021.
  • Business confidence remained positive but softened from May amid concerns over UK economic prospects and geopolitical risks.
  • The Composite PMI rose to 52.0 (from 50.3), marking the fastest private sector growth since September 2024.

  US

  

  The S&P Global US Services PMI fell -0.8 pts to 52.9 in June, indicating slower but still solid growth in services activity as tariffs and policy uncertainty weighed on momentum.

  • New business rose at a softer pace, while export sales declined for the third straight month, marking the steepest quarterly drop since late 2022.
  • Input and output prices remained elevated, though inflation eased slightly from May’s near 2-year highs.
  • Employment growth accelerated to a 5-month high, driven by rising workloads and improved hiring success.
  • Business confidence stayed positive but softened further, remaining below the long-run average amid trade and policy concerns.
  • The Composite PMI held nearly flat at 52.9 (vs 53.0 in May), with manufacturing rebounding and supporting overall private sector output.
• S&P Global Services PMIs: May 2025 2025-06-04 00:00

  Global - 6/5/2025

  
• S&P Global Services PMIs: April 2025 2025-05-05 00:00

  Global - 5/5/2025

  Key Results

  

  Saudi Arabia

  

  Saudi Arabia’s non-oil private sector expansion drops to the weakest since August 2024, down -2.5 pts to 55.6 in April. Despite the drop, growth was still occurring at a strong pace.

  China

  

  China’s service sector activity fell to the slowest expansion in 7-months as the PMI fell -1.2 pts to 50.7 in April. Notably, business confidence fell to the 2nd-lowest on record, and new order growth was the lowest in 28 months.

  Eurozone

  

  The service sector in the euro area moved back to stagnation as the PMI dropped -0.9 pts to 50.1 in April. New orders contracted for the third straight month, and the level of positive sentiment dropped to the lowest in almost 2.5 years.

  UK

  

  The UK S&P Services PMI fell -3.5 pts to 49.0 in April, the lowest since January 2023.

  • New orders contracted for the third time in four months as US tariffs impacted activity.
  • New export orders declined at the sharpest rate since February 2021.
  • Input cost inflation was the highest since July 2023 as 43% of businesses reported an increase.
  • Total private sector growth turned negative for the first time in 1.5 years as the Composite PMI fell -3.0 pts to 48.5.
• S&P Global Services PMIs: March 2025 2025-04-03 00:00

  Global - 4/3/2025

  Key Results

  Japan

  

  Declines in growth in both the manufacturing and services sector led to the Japanese S&P Composite PMI falling -3.1 pts to 48.9, the weakest reading since November 2022.

  • Composite new orders meanwhile expanded at the softest pace in four months and only slightly. This reflected a slower increase in sales at services companies, combined with a further drop in manufacturing orders.
  • Optimism around the one-year outlook for output slipped to the lowest since the start of 2021, with more companies expressing concerns around the global economic outlook and uncertain trade environment.

  China

  

  China’s S&P Composite Output Index was 51.8 in March, up from 51.5 in February, the highest since November 2024.

  • This was supported by quicker rates of output growth in both the manufacturing and service sectors.
  • Central to the rise in activity was greater inflows of new business, including new export business.
  • Backlogs also accumulated for a second straight month. Employment levels declined, however, linked mainly to job shedding in the service sector.
  • Average charges declined for a fourth straight month as input prices fell at a pace that, though marginal, was the quickest in almost five years.

  Germany

  

  Germany’s S&P Composite PMI Output Index increased 0.9 pts to 51.3 in March, the highest in 10-months.

  • The pace of growth accelerated thanks to an upturn in manufacturing production, which posted its first rise in nearly two years. This helped to nullify a slower expansion in services activity.
  • Employment fell at the slowest rate in ten months as better growth improved labor market prospects.
  • Data showed a broad-based improvement in expectations towards activity. Goods producers were more upbeat than their services counterparts.

  Eurozone

  

  The Eurozone S&P Composite PMI improved to a 7-month high of 50.9 in March, above expectations of a smaller increase to 50.4.

  • Both manufacturing and services played a role in March’s accelerated economic upturn. Goods production increased for the first time in two years, while services activity levels rose at a quicker pace than in February.
  • As has been the case since last June, demand for eurozone goods and services declined during the latest survey period. Sales levels came close to stabilising, however, with the contraction cooling to a marginal pace that was the weakest over the current downturn.
  • Spurring growth was a renewed uplift in employment in March. For the first time since July 2024, private sector workforce numbers increased across the euro area.

  UK

  

  The UK saw its service sector growth improve to a 7-month high with a PMI reading of 52.5 in March, up from 51.0 in February.

  • Although only marginal, the upturn in new work was the fastest since last November.
  • New work from abroad increased for the first time in four months and at the fastest pace since last October.
  • With stronger a service sector expansion, the S&P UK Composite PMI improved 1.0 pts to 51.5 in March, a 5-month high.

  US

  The US S&P Composite PMI increased 1.9 pts to 53.5 in March, the highest so far this year, as the Services PMI jumped 3.4 pts to 54.4, also the highest so far in 2025.

  • Higher service sector activity was principally linked to increased volumes of new work amid evidence of strengthened customer demand.
  • Services operating expenses increased in March to the greatest degree in a year-and-a-half. In general, private sector input costs increased at the fastest rate in 2 years.
  • Some worries over the impact of federal government policies, especially in relation to tariffs, meant confidence in the outlook fell to its second lowest since the end of 2022.

  Canada

  

  Canada’s service sector contracted at the sharpest rate since June 2020 as the Services PMI fell -5.4 pts to 41.2.

  • Confidence amongst service providers slumped in March to its lowest level since May 2020.
  • Operating expenses rose noticeably again in March, with input price inflation accelerating to its highest level since October 2023.
  • Confidence amongst service providers slumped in March to its lowest level since May 2020.
  • The private sector as a whole contracted at the sharpest rate since June 2020 with the Composite PMI down -4.8 pts to 42.0.
• S&P Global Services PMIs: February 2025 2025-03-05 00:00

  Global - 3/5/2025
• S&P Global Services PMIs: January 2025 2025-02-05 00:00

  Global - 2/5/2025
• S&P Global Services PMIs: December 2024 2025-01-06 00:00

  Global - 1/6/2025