The IHS Markit US Services PMI rose to 56 in October 2020 from 54.6 in the previous month and beating market expectations of 54.6, a flash estimate showed. The latest reading pointed to the third consecutive expansion in the services sector and the sharpest in since February last year. Despite the rate of new orders growth easing, sales remained strong overall. At the same time, new export business increased at a softer pace, while the rate of employment growth was faster than the series average, still dropped to a three-month low. On the price front, inflationary pressures eased. Lastly, sentiment improved to the strongest since April 2018 amid hopes of an end of coronavirus restrictions. source: Markit Economics

Services PMI in the United States averaged 53.62 points from 2013 until 2020, reaching an all time high of 61 points in June of 2014 and a record low of 26.70 points in April of 2020. This page provides the latest reported value for - United States Services PMI - plus previous releases, historical high and low, short-term forecast and long-term prediction, economic calendar, survey consensus and news. United States Services PMI - data, historical chart, forecasts and calendar of releases - was last updated on October of 2020.

Services PMI in the United States is expected to be 51.80 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 52.00 in 12 months time. In the long-term, the United States Services PMI is projected to trend around 50.50 points in 2021 and 50.80 points in 2022, according to our econometric models.

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United States Services PMI

Actual Previous Highest Lowest Dates Unit Frequency
56.00 54.60 61.00 26.70 2013 - 2020 points Monthly


News Stream
US Service Activity Growth at 20-Month High
The IHS Markit US Services PMI rose to 56 in October 2020 from 54.6 in the previous month and beating market expectations of 54.6, a flash estimate showed. The latest reading pointed to the third consecutive expansion in the services sector and the sharpest in since February last year. Despite the rate of new orders growth easing, sales remained strong overall. At the same time, new export business increased at a softer pace, while the rate of employment growth was faster than the series average, still dropped to a three-month low. On the price front, inflationary pressures eased. Lastly, sentiment improved to the strongest since April 2018 amid hopes of an end of coronavirus restrictions.
2020-10-23
US Service Activity Continues to Rise at Solid Pace: Markit
The IHS Markit US Services PMI was confirmed at 54.6 in September 2020, down from the previous month's 17-month high of 55.0. Still, the latest reading signaled a solid upturn in service sector business activity. New business expanded the most since March 2019 boosted by strengthening customer demand and amid the second-strongest increase in exports since data collection for the series began six years ago. In addition, the rate of job creation was the second-quickest since February 2019 and backlogs of work rose for the third month running. On the price front, input costs increased at a sharp rate due to greater wage and equipment costs, with many highlighting the uptick in PPE prices. Selling prices rose at the fastest rate since September 2018 and outpaced the rise in cost burdens, as firms took advantage of stronger demand conditions. Looking ahead, business confidence slumped to a four-month low amid concerns regarding the COVID-19 pandemic.
2020-10-05
US Service Activity Growth Slows in September
The IHS Markit US Services PMI fell to 54.6 in September 2020 from a 17-month high of 55.0 in the previous month and slightly below market expectations of 54.7, a preliminary estimate showed. New business growth was the strongest for 18 months, with new business from abroad rising at a steep rate. Meanwhile, employment continued to increase solidly, albeit at a softer pace than in August following a slower upturn in backlogs of work. On the prices front, service providers increased their selling prices steeply in September alongside a sharp rise in cost burdens. Looking ahead, business confidence moderated amid election and COVID-19 uncertainty.
2020-09-23
US Services PMI Revised Higher to 17-Month High
The IHS Markit US Services PMI was revised higher to 55.0 in August 2020 from a preliminary estimate of 54.8 and compared to July's final reading of 50.0. The latest number pointed to the strongest pace of expansion in the service sector since March 2019, due to greater client demand and the further reopening of businesses. New business rose the most since July 2019, with new export orders increasing the most since comparable records began in September 2014. In addition, the pace of job creation was the quickest since June 2014 and backlogs of work rose the most since data collection began in October 2009. On the price front, input cost inflation was the second-highest since October 2018 and the rate of output charge inflation was the second-sharpest for almost two years. Finally, service providers registered a solid degree of confidence with regards to the outlook for output over the coming year.
2020-09-03

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.