US DATA: Services PMI Revised Lower But Still Solid In Final November Release

The S&P Global US services PMI was revised lower in the final November release, dipping to its lowest since June rather than confirming what had been its highest since July. Along with this downward revision, input cost inflation was also trimmed from the highest since Jan 2023 in the flash to today’s six-month high, but as you can see in the chart below that's a close call having still seen a solid acceleration in November. 

• US Services PMI: 54.1 (flash & cons 55.0) in Nov final after 54.8 in Oct
• US Composite PMI: 54.2 (flash 54.8) in Nov final after 54.6 in Oct

S&P Global US PMI press release opening highlights (release in full, here): 

• “The US private sector services economy continued to expand at a solid pace in November, despite growth softening to a five-month low, according to the latest PMI® survey data from S&P Global.”
• “Activity was supported by the firmest rise in new work of 2025 so far, whilst confidence in the outlook strengthened following the end of the government shutdown and expectations of improved economic growth in the year ahead.”
• “Firms also took on additional staff to a stronger degree amid some evidence of capacity pressures, but with reports of higher labor costs and tariffs continuing to push up prices in general, input cost inflation accelerated to a six-month high.”