The S&P Global US Services PMI fell to 53.5 in May of 2022 from 55.6 in the previous month, the lowest in four months and below market consensus of 55.2, a preliminary estimate showed. Although the rise was supported by increased client demand, the pace of expansion was reportedly weighed down by hikes in selling prices and concerns over higher interest rates. Similarly, new business rose at a solid but softer pace in May. The rate of growth in new sales was the slowest since August 2020 and below the series average. New export business at service providers rose strongly, but at the slowest rate since the start of the year. On the price front, service providers registered the fastest rise in input prices on record in May while the rate of charge inflation eased from April’s record high and was the slowest for three months. Meanwhile, optimism among service sector firms strengthened. source: Markit Economics
Services PMI in the United States averaged 54.51 points from 2013 until 2022, reaching an all time high of 70.40 points in May of 2021 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 2022.
Services PMI in the United States is expected to be 53.00 points by the end of this quarter, according to Trading Economics global macro models and analysts expectations. In the long-term, the United States Services PMI is projected to trend around 50.80 points in 2023, according to our econometric models.