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

In June 2025, the S&P Global US Services PMI experienced a slight decline, registering at 52.9, down from May's 53.7. This figure was revised downwards from the preliminary estimate of 53.1 but aligned with initial market forecasts. Despite the decrease, the data continued to indicate steady growth among private-sector service providers. The increase in new business was buoyed by rising domestic demand, which compensated for the continued decline in export orders, driven by concerns over government-imposed tariffs. These tariffs contributed to a rise in operating costs, further exacerbated by the recent surge in wage expenses. As a result, output prices increased during the period. Nevertheless, companies continued to expand their workforce and maintain recruitment efforts for the fourth consecutive month. However, uncertainty about tariffs led to a decline in future confidence among service providers.