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US S&P Global Services PMI Final (Jan) 52.7 vs. Exp. 52.5 (Prev. 52.5)

The final S&P Global Services PMI for January came in slightly above expectations, indicating ongoing growth in the service sector despite elevated inflationary pressures.

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US S&P Global Services PMI Final (Jan) 52.7 vs. Exp. 52.5 (Prev. 52.5)

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  • “Inflationary pressures in the service sector meanwhile remain elevated, blamed on the pass though of tariff related price increases and wage growth, though stiff competition is often reported to have limited the impact on final selling prices". 
  • “Sustained service sector growth, supported by a robust rise in manufacturing output in January, indicates the economy is growing at an annualized rate of around 1.7%. However, that’s a lower gear compared to the pace of expansion seen prior to December’s slowdown, and hints at GDP growth cooling in the first quarter". 
  • "In line with the trend for overall costs, selling prices increased to a lesser extent than in December, albeit also still higher than the historical average. Firms often sought to pass on their higher input costs to clients, though the rate of growth moderated amid reports of strong competition limiting pricing power". 
Context

While this print suggests resilience, it points to a deceleration in GDP growth relative to previous months, driven by competitive pressures that are moderating pricing power. This mixed data may lead to cautious sentiment about future economic momentum, impacting expectations for monetary policy and market positioning.

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