Services Growth Has Moderated
Economic data from multiple PMI (Purchasing Managers’ Index) surveys show that although the U.S. services sector continues to expand overall, the pace of that expansion has slowed noticeably in recent months:
The S&P Global U.S. Services PMI — a widely followed indicator of service-sector activity — has declined to around the low-50s, marking its slowest pace of expansion in several months and easing below market forecasts.
advisorperspectives.com +1
Another report highlighted the services PMI growing at the weakest rate since April, as demand and hiring both softened.
TradingView
A PMI above 50 still signals expansion, but readings closer to 50 indicate much more modest growth compared with earlier phases of the economic cycle.
advisorperspectives.com
👥 Demand & Employment Weakness
Part of the slowdown reflects weaker underlying activity and labour market dynamics:
Some reports note sluggish new orders and hiring, with certain sub-indexes like the employment component dipping into contraction territory.
MonitorDaily
A recent ADP employment report also showed only modest private payroll gains in January, with notable job losses in some sectors — underscoring broader labour market caution Reuters
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