September’s S&P Global PMI® survey of US private service sector companies signaled a further, but nonetheless weaker, expansion of business activity. Slower growth was linked to a softer expansion of new work, despite an improvement in foreign demand for the first time in six months. Meanwhile, sentiment regarding the outlook strengthened, linked in some instances by firms to lower interest rates. However, hiring activity increased only marginally amid some reluctance to replace leavers. On the price front, cost pressures remained elevated, driven principally by tariffs and higher salary payments. In response, ... (full story)