États-Unis PMI non industrielles

The ISM Services PMI for the US edged up to 52.6 in November 2025 from 52.4 in October, pointing to the strongest growth in the services sector in nine months, and above forecasts of 52.1. The continued expansion in both business activity (54.5 vs 54.3) and new orders (52.9 vs 56.2), and the highest backlog of orders since February (49.1 vs 40.8) are positive signs of an emerging recovery for the services sector. On the downside, tariffs and the government shutdown continue to be noted by companies as impacting both demand and costs. Employment remained in contraction (48.9 vs 48.2) while the highest supplier deliveries figure since October 2024 (54.1 vs 50.8) indicates slower deliveries by suppliers, likely due to air traffic disruptions from the government shutdown and customs impacts related to changing tariffs. Meanwhile, price pressures eased to the lowest in seven months (65.4 vs 70).