U.S. Services Sector Ends 2025 Strong with December PMI at 54.4

Source: Dukascopy Bank SA
The U.S. services sector ended December 2025 on a strong note, with the ISM Services PMI rising to 54.4, its highest reading of the year and marking ten consecutive months of expansion. Demand improved notably as both business activity and new orders increased, signaling healthy momentum going into the new year.

Employment returned to growth after several months of weakness, suggesting the labor market is stabilizing and allowing firms to hire more qualified workers. Supplier deliveries continued to slow, which typically reflects rising demand rather than supply issues. Prices remained elevated, increasing for the 103rd straight month, though the pace of price growth eased slightly from November.



Industry performance was mixed. Retail Trade, Finance & Insurance, and Accommodation & Food Services led growth, while Professional Services, Construction, and Corporate Management-related industries remained in contraction.

In the broader context, services continue to outperform manufacturing, which stayed in contraction territory in December. Holiday-related demand provided a seasonal boost, but businesses still flagged concerns around tariffs, inflation, and policy uncertainty. Overall, the sector gained meaningful momentum at year-end after a relatively subdued year.
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