Mumbai, June 5 -- Concurrent upturns in US service sector activity and new business growth were signaled in May, according to the latest PMI data from S&P Global. Confidence in the outlook also strengthened, whilst firms took on additional staff to a greater degree. However, growth in employment was insufficient to prevent a solid rise in work outstanding.
Rising backlogs in part reflected delays in the delivery of ordered equipment due to tariffs, which also drove up cost inflation to its highest in nearly two years. Increased costs were passed on to clients via the steepest increase in output charges since August 2022.
The S&P Global US Services PMI Business Activity Index recorded 53.7 during May, which was stronger than the earlier 'f...