The S&P Global US Services PMI climbed to 51.3 in April 2026 from 50.3 in March, coming in comfortably above market expectations of 50, according to a preliminary estimate. The reading points to a solid rebound in private services activity following the initial shock from the war in Iran, which had driven up energy prices and disrupted key trade flows.
New business rose slightly but continued to run below the average pace of the past two years, as many clients reported affordability constraints. Input costs increased at their fastest rate since December, and the surge in cost pressures led firms to raise output charges at the sharpest pace in 45 months. Employment levels also edged higher.
Business expectations improved modestly compared with the previous month but remained well below the levels seen a year earlier.
