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. source: Markit Economics
Services PMI in the United States averaged 54.19 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 June of 2021.
Services PMI in the United States is expected to be 58.00 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 52.00 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.