The S&P Global US Services PMI was revised slightly higher to 49.3 in September of 2022 from a preliminary estimate of 49.2, but still pointing to the third consecutive month of falling services sector activity. The fall in output was only marginal overall, as firms noted that improved demand conditions led to a weaker decline. New orders returned to growth, with domestic sales supporting the upturn, as new export business fell further. The rate of job creation softened to the slowest in 2022 to date, however, as challenges finding and retaining staff persisted. Labor and input shortages sparked a renewed rise in backlogs of work. Meanwhile, cost pressures eased for the fourth month running amid reports of some reductions in input prices. Hopes of greater client demand, a peaking of inflation and investment in new products drove business expectations for the year-ahead to the highest for four months. source: Markit Economics

Services PMI in the United States averaged 54.28 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 October of 2022.

Services PMI in the United States is expected to be 49.80 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.

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United States Services PMI



Related Last Previous Unit Reference
Manufacturing PMI 52.00 51.50 points Sep 2022
Services PMI 49.30 43.70 points Sep 2022
Composite PMI 49.50 44.60 points Sep 2022

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.
Actual Previous Highest Lowest Dates Unit Frequency
49.30 43.70 70.40 26.70 2013 - 2022 points Monthly

News Stream
US Services Contract Slightly Less than Expected: S&P Global
The S&P Global US Services PMI was revised slightly higher to 49.3 in September of 2022 from a preliminary estimate of 49.2, but still pointing to the third consecutive month of falling services sector activity. The fall in output was only marginal overall, as firms noted that improved demand conditions led to a weaker decline. New orders returned to growth, with domestic sales supporting the upturn, as new export business fell further. The rate of job creation softened to the slowest in 2022 to date, however, as challenges finding and retaining staff persisted. Labor and input shortages sparked a renewed rise in backlogs of work. Meanwhile, cost pressures eased for the fourth month running amid reports of some reductions in input prices. Hopes of greater client demand, a peaking of inflation and investment in new products drove business expectations for the year-ahead to the highest for four months.
2022-10-05
US Service Sector Contracts for 3rd Month in a Row
The S&P Global US Services PMI rose to 49.2 in September 2022 from 43.7 in the previous month, easily beating market expectations of 45.0 but signaling a third consecutive month of contraction in the sector. Business activity dropped at the softest pace for three months, due to a pick up in new orders and client demand. Still, new export orders fell for the fourth month running, while backlogs of work returned to growth. On the price front, the rate of cost inflation was the slowest since January 2021 amid reports of drops in some material costs, but remained high overall. Finally, business confidence was the strongest since May amid improved expectations around client demand.
2022-09-23
US Services PMI Revised Lower: S&P Global
The S&P Global US Services PMI was revised lower to 43.7 in August of 2022 from a preliminary reading of 44.1, extending the decline from 47.3 in the prior month and pointing to the sharpest contraction in the US services sector since May 2020. Output was seen sharply lower amid weak domestic and foreign demand, while new orders fell at the sharpest rate in over two years. Simultaneously, employment grew at the slowest pace since January as backlogs of work fell further. On the price front, both input and output charge inflation eased to the lowest in 16 months, aided by a slight decrease in material costs and efforts to drive sales. While business confidence rose to a three-month high, it remained well below the series average as low demand weighed on expectations.
2022-09-06