FX.co ★ US Services Activity Surges in July: S&P Global

The S&P Global US Services PMI surged to 55.2 in July 2025, up from 52.9 in June, surpassing forecasts that anticipated a modest increase to 53. This robust figure indicates the most significant expansion in private services activity since the beginning of the year, based on preliminary estimates. Despite a decline in demand from international clients, new business for firms continued to grow during this period. Concurrently, input costs accelerated, leading to the highest increase in output charges since April 2023. Similarly, the vigorous demand led to the largest rise in backlogs in three years, prompting companies to expand employment at the fastest rate since January. Conversely, confidence regarding output for the coming year diminished for the second consecutive month.