The S&P Global US Services PMI fell to 53.9 in September of 2025 from 54.5 in the previous month, broadly aligned with market expectations of 54 to mark the softest pace of expansion since June, according to a flash estimate. New orders in the sector booked the smallest increase in three months as weaker domestic demand growth offset signs of a rebound in export business. While the expansion was enough to have service providers continue to increase their workforce, firms reportedly were unable or unwilling to fill all vacant positions. On the price front, companies in the services sector reported the second-highest inflation over the past 27 months, but noted that weaker expectations on future demand limited the extent to which higher inflation was passed on to consumers. Looking forward, sentiment picked up to its highest since May.