US DATA: Services PMI Follows Manufacturing With Upward Revision In January

The services PMI was revised up 0.2pp to 52.7 in the final January release after Monday's more sizeable 0.5pp upward revision to the final manufacturing release to 52.4. It left the composite PMI at 53.0 in January after 52.7 in December although it has still moderated from the 54.5 averaged through Jul-Nov 2025. 

• S&P Global US Services PMI:  52.7 (cons & flash 52.5) in Jan final after 52.5 in Dec and 54.1 in Nov
• S&P Global US Composite PMI: 53.0 (cons 52.9, flash 52.8) in Jan final after 52.7 in Dec and 54.2 in Nov

The PMI press release highlights (full release, here) look broadly similar to the flash although a clearer discussion on the reduction in foreign demand here:

• “January’s S&P Global PMI survey of US private service sector companies signaled a quicker expansion of business activity. Stronger growth was linked to a steeper uplift of new work, although subdued consumer confidence and ongoing uncertainty served to limit gains.”
• “Moreover, service providers reported the steepest reduction in foreign demand in just over three years, whilst sentiment regarding the outlook softened, linked in some instances by firms to tariffs and political uncertainty. That said, capacity pressures continued to build and encouraged service providers to lift staffing levels marginally.”
• “On the price front, cost pressures remained historically elevated driven principally by tariffs and higher labor and supplier costs. In response, services companies raised their own selling prices, but at a slightly softer rate.”