United States Services PMI

The IHS Markit US Services PMI increased to 52.2 in December 2019 from 51.6 in the previous month and above market forecasts of 51.9, a preliminary estimate showed. The latest reading pointed to the sharpest expansion in the services sector since July, as new orders advanced to a five-month high and new export orders went up following four consecutive monthly declines. The job creation rate increased marginally for the second straight month, as firms expanded their staffing numbers to meet greater workloads. On the price front, input cost inflation remained relatively subdued, while output price inflation rose. Finally, sentiment improved to a six-month high.

The IHS Markit US Services PMI was confirmed at 51.6 in November 2019, up from 50.6 in the previous month, signaling a further upturn in output across the service sector. New business rebounded from the slight contraction seen in October and expanded at the fastest pace since August, despite a fourth month of declines in new business from abroad. Employment increased for the first time since August, due to greater workloads, and the level of outstanding business at service sector firms also rose. Inflationary pressures were relatively subdued, with selling prices increasing only fractionally. Looking ahead, business confidence remained muted and close to historical lows, amid global economic uncertainty.

The IHS Markit US Services PMI rose to 51.6 in November 2019 from 50.6 in the previous month and above market consensus of 51.0, a preliminary estimate showed. Employment increased for the first time since August while new business remained historically weak. On the price front, service sector firms increased their selling prices at a faster rate, reportedly due to a slightly quicker rise in input costs. Looking ahead, business confidence fell, amid reports of less favorable demand conditions.

The IHS Markit US Services PMI came in at 50.6 in October 2019, below a preliminary estimate of 51 and compared to 50.9 in September. The reading pointed to the weakest expansion in the services sector since February 2016, as growth was dragged down by lacklustre client demand and greater hesitancy among customers to place orders. Also, new business dropped for the first time since series began, signalling a marginal decline new order levels. Additionally, employment shrank at the steepest rate for almost a decade, as voluntary leavers were not replaced and firms struggled to fill outstanding vacancies. Meantime, new export orders fell for the third straight month, still the rate of contraction eased. On the price front, input prices rose boosted by higher supplier and wage costs; while output prices were broadly unchanged. Finally, confidence improved to a four-month high, amid positive sentiment to the development of new service lines and low interest rates.

The IHS Markit US Services PMI edged up to 51 in October 2019 from 50.9 in the previous month and in line with market expectations, preliminary estimates showed. It is the fastest pace of expansion in services sector since July. New orders stagnated in October and ended a ten-year period of sustained expansion amid subdued demand conditions and weaker business investment spending. Also, employment decreased for the second month running and the rate of decline was the largest since December 2009. On the price front, operating expenses increased for the first time since July, as trade tariffs led to price rises among suppliers.

The IHS Markit US Services PMI was confirmed at 50.9 in September 2019, compared to 50.7 in the previous month, signalling one of the slowest increases in output for over three years. New business growth slipped further to the weakest level since data collection began in October 2009, as new business from abroad dropped at the fastest pace since 2014. in addition, outstanding business contracted the most since April 2014, while employment fell for the first time since February 2010, and at the sharpest rate since the end of 2009. On the price front, input costs fell for only the second time in the series history. Firms also cut their selling prices in an effort to remain competitive. Expectations towards output over the year ahead were at the second-weakest level in the series history, amid concerns surrounding ongoing business uncertainty and gloomier global economic growth projections.