US Services Activity Growth Edges Higher: S&P Global

2025-11-05 14:58 By Andre Joaquim 1 min. read

The S&P Global US Services PMI inched higher to 54.8 in October of 2024 from 54.2 in the previous month, revised lower from the preliminary estimate of 55.2 but remaining ahead of the initial market expectations of 53.5.

New order volumes grew at a faster pace in the period to reflect strong client demand despite uncertainty around US economic policy.

However, the focus on risks around tariffs drove export demand to fall.

The steady level of new business growth drove backlogs to inch higher.

Consequently, firms continued taking in more employees for the eighth consecutive month.

In the meantime, input costs rose the least in six months, although the pace remained high compared to historical levels, while strong competition limited the translation to higher output charges.

Looking forward, service providers remained optimistic about future output.



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