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.