The US service sector registered a decline in new work inflows at the start of the second quarter of 2026, according to the latest PMI data from S&P Global. It was the first reduction in demand since April 2024 amid the negative impact of the war in the Middle East and higher inflationary pressures. That said, there was a marginal improvement in business activity, whilst employment also rose slightly and confidence in the outlook improved. Higher prices for goods and services, most notably fuel and gas, plus increased labor-related costs continued to drive typical operating expenses up, which contributed to ... (full story)