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.

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United States Services PMI



Related Last Previous Unit Reference
Services PMI 53.50 55.60 points May 2022
Manufacturing PMI 57.50 59.20 points May 2022
Composite PMI 53.80 56.00 points May 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
53.50 55.60 70.40 26.70 2013 - 2022 points Monthly

News Stream
US Services Sector Slows More than Expected: Markit
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.
2022-05-24
US Services PMI Revised Higher: S&P Global
The S&P Global US Services PMI was revised higher to 55.6 in April of 2022 from a preliminary of 54.7, pointing to a steep expansion in services activity. Demand conditions remained strong and sparked the fastest rise in employment for a year as backlogs mounted at a near-record pace. On the other hand, the rate of output growth eased to the slowest for three months, but was sharp overall. Similarly, higher selling prices weighed on client spending as the pace of new business expansion softened. Meanwhile, input and labor shortages pushed up cost burdens to the greatest extent on record. In response, firms raised their output charges notably and at the sharpest pace since data collection began in October 2009. Concerns regarding inflation weighed on business confidence, which slipped to the lowest in six months.
2022-05-04
US Services Sector Growth at 3-Month Low: S&P Global
The S&P Global US Services PMI fell to 54.7 in April of 2022 from 58 in March, the lowest in 3 months and well below forecasts of 58, a preliminary estimate showed. New business growth eased to a three-month low amid reports of labor and supply shortages and inflation dampening customer willingness to spend. The easing of travel restrictions allowed new export orders to tick higher again, as the rate of growth reached the fastest since data collection began in September 2014. Meanwhile, cost burdens continued to soar, as the rate of input price inflation accelerated to a series-record pace. In response, service providers hiked their selling prices at the steepest rate on record in an effort to pass through greater cost burdens. Employment growth was the second-fastest on record, as some services companies continued to highlight challenges fulfilling hiring requirements. Finally, business confidence dipped to the lowest level since October 2021.
2022-04-22