The S&P Global US Services PMI jumped to 55.2 in July of 2025 from 52.9 in the previous month, well above expectations that it would inch higher to 53, to reflect the sharpest expansion in private services activity since the start of the year, according to flash estimates. New business for firms continued to increase in the period, despite the drop in demand from foreign customers. In the meantime, input costs rose at a sharper pace, driving output charges to rise the most since April 2023. Likewise, the strong demand for business drove backlogs to rose the most in three years, and the added need for capacity drove firms to raise employment at the sharpest pace since January. On the other hand, confidence about output in the upcoming year for the second month.