US economic activity slows down as inflation rises and conflict continues in the Middle East
US Services Sector Sees Activity Slowdown in March 2026
According to S&P Global's March PMI® survey, the US private sector services industry saw a downturn in activity at the close of the first quarter of 2026. This marks the first contraction in more than three years, as the growth in new business reached its lowest point since April 2024.
Business optimism faded as rising costs, driven by a sharp increase in energy prices following conflict in the Middle East, created uncertainty throughout the sector. Employment figures also dipped slightly due to the uncertain economic outlook.
The main S&P Global US Services PMI® Business Activity Index registered at 49.8 in March, signaling a modest decline in overall activity.
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