EL7.AI
Macro EconomyMedium•4 November 2026•
1 min read

US Services Growth Slows in October as Inflationary Pressures Intensify

Key Facts

1The S&P Global US Services PMI fell from 58.8 to 56.1 in October, coming in lower than the flash estimate.
2The ISM US Services PMI disappointed by falling to 54.5, below the expected 54.8.
3Average prices charged for services rose at one of the fastest rates seen over the past four years.

The S&P Global US Services PMI fell from 58.8 to 56.1 in October, coming in lower than the flash estimate. According to Reuters, the ISM US Services PMI also disappointed by falling to 54.5, below the expected 54.8. S&P Global reported that average prices charged for services rose at one of the fastest rates seen over the past four years, indicating persistent inflationary pressures despite the slowdown in growth momentum.

SPGI closed at $466.03 on November 3, 2026, prior to the release of data showing weaker order book inflows and reduced business confidence linked to interest rate concerns and political uncertainty. While growth has moderated, the Atlanta Fed GDPNow estimate on October 31, 2026, stood at 3.3%, presenting the Fed with a complex backdrop of sustained output alongside elevated price levels.