The IHS Markit US Services PMI rose to 36.9 in May 2020 from an all-time low of 26.7 in the previous month, above market consensus of 30, a preliminary estimate showed. The latest reading still signaled one of the most severe contractions in service sector activity on record, driven by further weakness in domestic and foreign client demand. Total sales fell at the second-fastest rate in the series history and employment continued to decline. On the price front, both input costs and output charges were down in May.
Services PMI in the United States averaged 53.67 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 May of 2020. source: Markit Economics
Services PMI in the United States is expected to be 37.90 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 48.00 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.