MTS Insights

S&P Global US Services PMI

Data Services PMI

Source: S&P Global
Source Link: https://www.pmi.spglobal.com/
Frequency: Monthly
Next Release(s): February 4th, 2026 9:45 AM

For more details on S&P Services PMIs, see S&P Services PMIs.

Latest Updates

The S&P Global US Services PMI fell to 52.5 in December (from 54.1 in November), signaling slower services activity growth amid cooling demand late in the year.
- Business activity remained in expansion for a 35th consecutive month, but December marked the slowest growth rate in eight months, reflecting softer momentum as 2025 closed.
- New business rose only marginally, the weakest increase in 20 months, as firms cited squeezed client budgets, demand uncertainty, and tariff-related instability, particularly for foreign orders.
- New export business declined for the second time in three months, with the pace of contraction the steepest since May, highlighting external demand softness.
- Employment edged down slightly, ending a nine-month run of job growth, as cost pressures, budget constraints, and slower demand limited hiring despite modest increases in backlogs.
- Input cost inflation accelerated to a seven-month high, driven by tariffs, higher supplier charges, and labor-related expenses, remaining well above the historical average.
- Selling prices rose at a faster pace as firms attempted to pass through higher costs, marking the strongest increase since August and underscoring margin pressure.
- The US Composite PMI eased to 52.7 (Nov: 54.2), consistent with slower growth across both services and manufacturing while remaining above the 50 threshold.
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