The IHS Markit US Services PMI was revised higher to 54.9 in September of 2021 from a preliminary of 54.4, still pointing to the slowest growth in the services sector so far this year. New business rose the least in 13 months and labour shortages hampered output growth. Total sales were weighed down by the spread of COVID-19 and a faster decline in new export orders. At the same time, pressure on capacity was reflected in the sharpest rise in backlogs of work since data collection began almost 12 years ago. Challenges expanding workforce numbers reportedly exacerbated difficulties clearing incoming new business. Meanwhile, cost pressures built for a second month running as input prices rose at a steep rate. Firms continued to pass on higher costs to clients, but at the slowest pace for five months. Finally, business confidence was the highest since June amid hopes of a reduction in COVID-19 cases and a further boost to client demand. source: Markit Economics
Services PMI in the United States averaged 54.37 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 October of 2021.
Services PMI in the United States is expected to be 55.50 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 2022, according to our econometric models.