US Services Growth at Over 4-1/2-Year High: S&P Global

2026-10-05 13:55 By Luisa Carvalho 1 min. read

The S&P Global US Services PMI rose to 58.8 in September 2026 from 56.5 in August, slightly above the flash estimate of 58.7.

The index has signalled sustained growth in business activity for six months, with the latest expansion the strongest since July 2021.

Technology remained the strongest-performing sector, while growth also accelerated across consumer businesses, industrials and healthcare.

New orders rose at their fastest rate in over four years, driven by strong domestic demand, while employment increased for a third consecutive month, with job creation at its fastest since June 2022.

Strong new orders continued to outpace capacity, pushing backlogged work higher for the 19th consecutive month.

Cost pressures intensified, with input costs rising sharply to their highest level since November 2022 amid higher gas and labour costs.

Output prices also increased faster, with inflation the second-highest in just over a year.

Business confidence strengthened to a one-year high.



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US Services Growth at Over 4-1/2-Year High: S&P Global
The S&P Global US Services PMI rose to 58.8 in September 2026 from 56.5 in August, slightly above the flash estimate of 58.7. The index has signalled sustained growth in business activity for six months, with the latest expansion the strongest since July 2021. Technology remained the strongest-performing sector, while growth also accelerated across consumer businesses, industrials and healthcare. New orders rose at their fastest rate in over four years, driven by strong domestic demand, while employment increased for a third consecutive month, with job creation at its fastest since June 2022. Strong new orders continued to outpace capacity, pushing backlogged work higher for the 19th consecutive month. Cost pressures intensified, with input costs rising sharply to their highest level since November 2022 amid higher gas and labour costs. Output prices also increased faster, with inflation the second-highest in just over a year. Business confidence strengthened to a one-year high.
2026-10-05
US Services Activity Surge to 5-Year High: S&P Global
The S&P Global US Services PMI rose to 58.7 in September of 2026 from 56.5 in the previous month, well above the market consensus of 56 to reflect the strongest expansion in services activity in over five years. New orders rose the most in over four years, underpinned by strong demand from domestic consumers, enough to offset lower export orders as unpredictable tariff policy shunned a group of international clients. The jump in business demand drove work backlogs to continue accumulating. Likewise, the need for higher capacity lifted employment growth to its highest since June 2022, not far from a survey record. This was despite input cost inflation hitting its highest in nearly four years, with the war in Iran prompting fuel and transportation costs to surge. Consequently, output charges also rose. Looking ahead, business confidence remained below trend due to cost-of-living concerns.
2026-09-23
US Services Activity Holds Growth: S&P Global
The S&P Global US Services PMI rose to 56.5 in August of 2026 from 54.6 in July, revised lower from the flash estimate of 56.8 but remaining well above the initial market expectations of 54. It marked the sharpest expansion in private activity since December of 2020, reflecting resilience from the sector since the war in Iran triggered a surge in energy prices that lifted borrowing costs for companies. New business rose the most in over 20 months, with panelists citing new customer wins and higher export orders. With that, capacity pressures remained present and backlogs were built the fastest in three years. Consequently, firms increased employment at the highest rate in 18 months. Meanwhile, input cost inflation held above the historical trend, driving selling charges to rise and keep margins. Finally, business expectations remained positive despite remaining below trend.
2026-09-03