United States Services PMI2013-2021 Data | 2022-2023 Forecast | Calendar

The IHS Markit US Services PMI was revised higher to 60.4 in March 2021, from a preliminary estimate of 60.0 and above the previous month's reading of 59.8, signaling the fastest output growth since July 2014. New business expanded the most in six years, reflecting strengthening client demand amid easing of virus containment restrictions in some states. Also, the rate of job creation was the quickest for three months, while backlogs of work rose at the softest pace in the current nine-month sequence of expansion. On the price front, input cost inflation accelerated to the fastest since the series began in October 2009, boosted by higher prices for key inputs such as PPE, paper, plastics, fuel and transportation; while the rate of charge inflation was also the quickest on record. Finally, business confidence was robust overall and among the strongest for six years.

The IHS Markit US Services PMI rose to 60 in March of 2021 from 58.8 in February and in line with market expectations, a preliminary estimate showed. The latest reading pointed to the strongest expansion in the service sector since July 2014. New orders rose sharply amid stronger client demand and the loosening of COVID-19 restrictions in some states. Moreover, the increase in total new sales was supported by a renewed expansion in new export orders. The rate of input price inflation was the sharpest since data collection began in late-2009. Firms were able to partially pass higher costs through to clients, however, as selling prices rose at the fastest pace on record. Greater new business led firms to expand employment in March, and at the quickest pace since December 2020. Business confidence picked up as service providers were buoyed by stronger client demand and hopes of a return to normal business operations amid expectations that COVID-19 restrictions will loosen throughout 2021.

The IHS Markit US Services PMI was revised higher to 59.8 in February 2021, from a preliminary estimate of 58.9 and compared with 58.3 in the previous month. The latest reading pointed to the strongest expansion in the service sector since July 2014, as new order inflows expanded at the steepest pace since April 2018 despite a decline in new export orders. However, despite further pressure on capacity, service providers registered only a fractional rise in employment. On the price front, cost burdens increased by the most since data collection began in October 2009, while output charge inflation was the second-highest on record. Finally, business confidence moderated in February, amid concerns regarding the duration of the pandemic.

The IHS Markit US Services PMI rose to 58.9 in February 2021, from 58.3 in the previous month and above market expectations of 57.6, a preliminary estimate showed. The latest reading pointed to the strongest expansion in the service sector since March 2015, as new business growth picked up to a three-month high despite a decline in new export orders. Meanwhile, employment rose only marginally, amid efforts to control outgoings. Pressure on capacity was evident nonetheless, as backlogs of work rose modestly. On the price front, cost burdens increased by the most since data collection began in October 2009, while output charge inflation was the second-highest on record. Finally, ongoing COVID-19 restrictions led to hesitancy regarding the year-ahead outlook, as service providers registered softer output expectations.