US Services Activity Revised Lower: S&P Global

2025-12-03 14:54 By Andre Joaquim 1 min. read

The S&P Global US Services PMI fell to 54.1 in November of 2025 from 54.8 in the previous month, revised lower from the preliminary estimate of 55 and missing the initial market expectations of 54.6 to reflect the softest pace of expansion in the sector in five months.

Still, the data reflect a robust growth in activity as new orders rose at the largest magnitude since the start of the year, indicating robust demand from clients despite the elevated inflation levels and economic uncertainty present in the US economy.

Consequently, confidence among firms continued to improve as the solid backdrop for client demand coincided with the outlook of lower interest rates.

Consequently, service providers continued to take in additional workers.

On the price front, input costs accelerated to the sharpest degree since May, with companies mentioning tariffs as a key driver of operating expenses.

Hence, output charge inflation remained firmly above its longer term range.



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