USA: Services Activity Slows.

The S&P Global US Services PMI eased to 50.9 in May of 2026 from 51 in the previous month, only slightly below the median market consensus of 51.1, according to a preliminary estimate. The result extended the rebound from the previous month following after the outbreak of war in the Middle East pressured the sector to a contraction in March. New business inflows rose modestly, as rising prices and uncertainty drove consumers to maintain their subdued demand. On top of that, export orders fell at the sharpest pace in six months. The muted demand for new projects drove firms to cut jobs at the fastest pace since May of 2020. On the price front, input costs for services providers rose the most in one year, driving charges to rise the most since August 2022. Looking ahead, business optimism dropped to a one-year low.