The IHS Markit US Services PMI dropped to 59.8 in July 2021, from 64.6 in the previous month and well below market expectations of 64.8, a preliminary estimate showed. The latest reading signaled a further slowdown in service sector growth from May's record high, amid labor shortages and difficulties acquiring stock. New business rose the least for five months, with some firms noting customer hesitancy amid significant hikes in selling prices. Similarly, the rate of increase in new export orders eased. Although firms recorded solid gains in employment, the level of outstanding business rose further in July. On the price front, input costs and output charges continued to rise a strong rate. Looking ahead, business confidence fell to a five-month low. source: Markit Economics

Services PMI in the United States averaged 54.36 points from 2013 until 2021, 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 July of 2021.

Services PMI in the United States is expected to be 59.00 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 53.00 in 12 months time. In the long-term, the United States Services PMI is projected to trend around 50.80 points in 2022, according to our econometric models.

Ok
The Trading Economics Application Programming Interface (API) provides direct access to our data. It allows API clients to download millions of rows of historical data, to query our real-time economic calendar, subscribe to updates and receive quotes for currencies, commodities, stocks and bonds.

Please Paste this Code in your Website
width
height
United States Services PMI

Actual Previous Highest Lowest Dates Unit Frequency
59.80 64.60 70.40 26.70 2013 - 2021 points Monthly


News Stream
US Service Sector Growth Slows in July
The IHS Markit US Services PMI dropped to 59.8 in July 2021, from 64.6 in the previous month and well below market expectations of 64.8, a preliminary estimate showed. The latest reading signaled a further slowdown in service sector growth from May's record high, amid labor shortages and difficulties acquiring stock. New business rose the least for five months, with some firms noting customer hesitancy amid significant hikes in selling prices. Similarly, the rate of increase in new export orders eased. Although firms recorded solid gains in employment, the level of outstanding business rose further in July. On the price front, input costs and output charges continued to rise a strong rate. Looking ahead, business confidence fell to a five-month low.
2021-07-23
US Services Sector Continues to Expand at Solid Pace
The IHS Markit US Services PMI was revised slightly lower to 64.6 in June 2021, from a preliminary estimate of 64.8 and compared with the previous month's all-time high of 70.4. Still, the latest reading pointed to the third-fastest expansion in the service sector since data collection began in October 2009, amid rising customer demand due to the relaxation of COVID-19 restrictions. Growth rates in both new business and export remained strong, while the rate of job creation softened amid challenges finding suitable candidates. On the price front, input costs increased at the second-fastest rate on record as supplier price hikes and greater wage bills pushed up cost burdens. Nonetheless, accommodative demand conditions allowed firms to partially pass on higher costs to clients. Finally, business optimism improved to the strongest since November 2020.
2021-07-06
US Service Sector Expands at Slower Pace in June
The IHS Markit US Services PMI dropped to 64.8 in June 2021, from the previous month's all-time high of 70.4 and below market expectations of 70.0, a preliminary estimate showed. Still, the latest reading pointed to the second-sharpest expansion in the service sector since data collection began in October 2009, amid rising customer demand as pandemic restrictions eased further during the month. Growth rates in both new business and export remained strong, while struggles among companies to find suitable workers hampered the pace of job creation. Meanwhile, pressure on capacity was reflected in a solid rise in backlogs of work. On the price front, cost burdens increased at the second-fastest pace on record, boosted by wage costs and additional transportation fees. Similarly, output prices rose markedly as firms sought to pass on greater input costs to clients. Looking ahead, business optimism eased in June, amid concerns over the impact of rising inflation.
2021-06-23
US Business Activity Growth at Record High: Markit
The IHS Markit US Services PMI was revised higher to 70.4 in May 2021, up from a preliminary estimate of 70.1 and pointing to the steepest pace of expansion in the sector since data collection for the series began in October 2009. New order growth hit an all-time high, helped by the continued reopening of the economy following COVID-19 restrictions and by the quickest rise in new export orders for nine months. The pace of job creation softened as firms reported difficulties filling vacancies, but remained solid overall. On the price front, input cost inflation accelerated for the seventh month running and was the sharpest on record, amid ongoing supplier price hikes. In an effort to pass on greater costs, service providers raised their charges at an unprecedented pace. Looking ahead, business confidence was strong, with optimism stemming from looser COVID-19 restrictions and stronger client demand.
2021-06-03

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.