FX.co ★ US Services Activity Revised Higher: S&P Global

In January 2026, the S&P Global US Services PMI climbed to 52.7, an increase from December's revised figure of 52.5, which aligned closely with initial expectations of 52.8. This period marked nearly three consecutive years of growth in the US services sector, outperforming other major economies. At the start of the year, new sales experienced a sharper uptick, driven by robust domestic market activity that compensated for weaker foreign client demand, which had been affected by US tariffs and their retaliatory measures. This consistent demand supported a slight rise in employment numbers. While payroll increases and tariff-induced cost pressures elevated input inflation, the selling prices saw a more modest increase. However, looking ahead, business confidence for the upcoming year reached its lowest point in three months.