Growing momentum in the business services sector is providing fresh optimism for the broader economy, driven by four consecutive months of accelerating activity and a surge in new orders.
Industry confidence has strengthened significantly in recent weeks as client demand holds firm. According to the latest market data, service providers are seeing their strongest operational growth in months, signaling robust underlying economic health despite persistent broader challenges.
A key factor underpinning the sector's gains is a steady influx of new business, which has allowed companies to expand capacity and take on additional workloads. While input costs remain elevated across the board, businesses have managed to navigate the inflationary backdrop by successfully passing price increases along to end consumers, stabilizing margins and keeping the current expansion on track.
S&P Global US Services PMI - Activity surges higher as new order growth hits four-and-a-half year high
The headline S&P Global US Services Business Activity Index rose to 58.8 in September 2026 from 56.5 in August, marking the fourth consecutive monthly rise and the fastest rate of expansion since July 2021.
New orders expanded rapidly, reaching their highest growth rate in four and a half years, driven primarily by strong domestic demand alongside a continued increase in new export business.
Service providers increased their hiring to meet growing workloads, resulting in the fastest rate of job creation recorded since June 2022.
Outstanding business accumulated for the 19th consecutive month, hitting its sharpest rate of increase in nearly four and a half years despite additional workforce capacity.
Input cost inflation accelerated significantly due to higher gas, transportation, and labor costs, causing companies to raise selling prices at the second-fastest pace in over a year.
S&P Global. (2026, October 5). S&P Global US Services PMI: Activity surges higher as new order growth hits four-and-a-half year high [Press release].

