The IHS Markit US Services PMI was revised higher to a five-month high of 52.8 in December 2019 from a preliminary estimate of 52.2 and compared to November's final reading of 51.6. Employment and new orders rose the most since July, with new business from abroad posting the first increase in five months. Meanwhile, backlogs of work were broadly unchanged, as firms signalled little strain on capacity. On the price front, selling prices were raised the most since February on efforts to pass higher costs on to clients. Finally, business expectations for the year ahead improved amid hopes of further boosts to new sales. Services PMI in the United States averaged 54.50 points from 2013 until 2019, reaching an all time high of 61 points in June of 2014 and a record low of 49.30 points in October of 2013. source: Markit Economics

Services PMI in the United States is expected to be 52.10 points by the end of this quarter, according to Trading Economics global macro models and analysts expectations. Looking forward, we estimate Services PMI in the United States to stand at 50.80 in 12 months time. In the long-term, the United States Services PMI is projected to trend around 52.10 points in 2020, according to our econometric models.

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United States Services PMI

Actual Previous Highest Lowest Dates Unit Frequency
52.80 51.60 61.00 49.30 2013 - 2019 points Monthly


News Stream
2019-12-16
US Services Activity Growth at 5-Month High
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.

2019-12-04
US Service Sector Growth Strengthens: Markit
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.

2019-11-22
US Services Activity Growth Above Forecast
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.

2019-11-05
US Services Activity Growth at Over 3-1/2-Year Low
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.

2019-10-24
US Services Growth at 3-Month High
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.

2019-10-03
US Service Sector Acivity Growth Remains Subdued
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.


United States Services PMI
Markit US Services PMI (Purchasing Managers' Index) is based on data collected from a representative panel of over 400 private sector companies covering transport and communication, financial intermediaries, business and personal services, computing & IT and hotels and restaurants. The index tracks variables such as sales, employment, inventories and prices. A reading above 50 indicates that the services sector is generally expanding; below 50 indicates that it is generally declining.

United States Business Last Previous Highest Lowest Unit
Business Confidence 47.20 48.10 77.50 29.40 points [+]
Services PMI 52.80 51.60 61.00 49.30 points [+]
Non Manufacturing PMI 55.00 53.90 62.00 37.80 points [+]
Manufacturing PMI 52.40 52.60 57.90 50.30 points [+]
Composite Pmi 52.70 52.00 61.00 50.00 points [+]
Industrial Production -1.00 -0.70 62.00 -33.70 percent [+]
Industrial Production Mom -0.30 0.80 16.60 -10.40 percent [+]
Manufacturing Production -1.30 -0.90 67.90 -39.40 percent [+]
Capacity Utilization 77.02 77.37 89.39 66.69 percent [+]
Durable Goods Orders -2.00 0.20 23.20 -18.40 percent [+]
Durable Goods Orders Ex Defense 0.80 0.00 25.50 -19.20 percent [+]
Durable Goods Orders Ex Transportation 0.00 0.30 6.30 -10.20 percent [+]
Factory Orders Ex Transportation 0.30 0.30 4.60 -7.00 percent [+]
New Orders 493029.00 496962.00 549482.00 223500.00 USD Million [+]
Factory Orders -0.70 0.20 10.40 -9.70 percent [+]
Business Inventories -0.20 0.10 1.30 -2.00 percent [+]
Changes in Inventories 69.44 69.40 173.21 -245.13 USD Billion [+]
Wholesale Inventories -0.10 0.10 2.10 -2.00 percent [+]
Bankruptcies 22910.00 22483.00 82446.00 19695.00 Companies [+]
Corporate Profits 1868.66 1857.53 1873.90 14.67 USD Billion [+]
NFIB Business Optimism Index 102.70 104.70 108.80 80.10 points [+]
NY Empire State Manufacturing Index 4.80 3.30 39.00 -34.30 points [+]
Philadelphia Fed Manufacturing Index 17.00 2.40 58.50 -57.90 points [+]
Richmond Fed Manufacturing Index -5.00 -1.00 27.00 -44.00 points [+]
Ism New York Index 39.10 50.40 88.80 23.40 percent [+]
Dallas Fed Manufacturing Index -3.20 -1.30 47.60 -59.90 points [+]
Chicago Fed National Activity Index 0.56 -0.76 2.79 -5.29 [+]
Chicago Pmi 48.90 46.30 78.60 21.20 points [+]
Total Vehicle Sales 17.10 16.60 21.77 9.05 Million [+]
Car Production 2.53 2.57 9.92 1.29 Million Units [+]
Car Registrations 373.49 385.66 1149.00 331.50 Thousand [+]
Crude Oil Stocks Change -2.55 1.16 14.42 -15.22 BBL/1Million [+]
Gasoline Stocks Change 6678.00 9137.00 11456.00 -8428.00 Thousand Barrels [+]
Natural Gas Stocks Change -109.00 -44.00 147.00 -359.00 Billion cf [+]
Leading Economic Index 129.78 129.35 129.78 45.48 points [+]
Internet Speed 18747.58 17235.62 18747.58 3609.31 KBps [+]
IP Addresses 128949703.00 127873899.00 146874246.00 89399946.00 IP [+]
Crude Oil Rigs 673.00 659.00 1609.00 98.00 [+]
API Crude Oil Stock Change 1.10 -5.95 14.30 -12.40 BBL/1Million [+]
Competitiveness Index 83.67 85.64 85.64 5.42 Points [+]
Competitiveness Rank 2.00 1.00 7.00 1.00 [+]
Corruption Index 71.00 75.00 78.00 71.00 Points [+]
Corruption Rank 22.00 16.00 24.00 14.00 [+]
Crude Oil Imports -595.00 1776.00 2201.00 -2518.00 Thousand Barrels [+]
Distillate Fuel Production -105.00 -1.00 570.00 -699.00 Thousand Barrels [+]
Distillate Stocks 8171.00 5330.00 11205.00 -13011.00 Thousand Barrels [+]
Cushing Crude Oil Stocks 342.00 -821.00 4737.00 -4184.00 Thousand Barrels [+]
Ease of Doing Business 6.00 8.00 8.00 4.00 [+]
Gasoline Production 394.00 -1286.00 1082.00 -1494.00 Thousand Barrels [+]
Steel Production 7233.00 7407.00 11951.00 3799.00 Thousand Tonnes [+]
Refinery Crude Runs 76.00 -386.00 1572.00 -3253.00 Thousand Barrels [+]
Mining Production 1.40 2.30 108.20 -28.80 percent [+]
Kansas Fed Manufacturing Index -7.00 -5.00 37.00 -32.00 points [+]
Heating Oil Stocks -168.00 -84.00 94208.00 -92090.00 Thousand Barrels [+]