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.

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United States Services PMI

Actual Previous Highest Lowest Dates Unit Frequency
70.40 64.70 70.40 26.70 2013 - 2021 points Monthly


News Stream
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
US Service Sector Expands at Record Pace
The IHS Markit US Services PMI jumped to 70.1 in May 2021, from 64.7 in the previous month and well above market expectations of 64.5, a preliminary estimate showed. The latest reading pointed to the sharpest rate of expansion since data collection for the series began in October 2009, amid greater customer confidence and the reopening of non-essential businesses. New order growth accelerated to the fastest on record, with new export business rising the most since August 2020, while the pace of job creation remained solid. On the price front, both input prices and output charges increased at record rates. Meanwhile, business confidence picked up in May, buoyed by hopes of further success in the vaccine rollout, and a return to normal client interactions by the end of 2021.
2021-05-21
US Services Sector Expands at Record Pace: Markit
The IHS Markit US Services PMI was revised higher to 64.7 in April 2021, from a preliminary estimate of 63.1, signaling the sharpest pace of expansion in the sector since data collection began in late-2009. New business rose at the most marked pace on record, supported by a solid increase in new export orders, and the pace of job creation was the fastest since last November. On the price front, input costs advanced at an unprecedented rate, due to hikes in supplier prices and greater transportation fees; while the rate of charge inflation quickened for the fourth month running and was the steepest since data collection for the series began in October 2009. Business expectations remained optimistic in April, as hopes of an end to COVID-19 measures as 2021 progresses drove confidence in future activity.
2021-05-05
US Services Sector Expands at Record Pace
The IHS Markit US Services PMI jumped to an all-time high of 63.1 in April 2021, from 60.4 in the previous month and above market expectations of 61.9, a preliminary estimate showed. New business grew the most since data collection for the series began in October 2009, supported by a solid increase in new export orders. The level of outstanding business rose at the steepest rate since September 2020 and the pace of job creation was the fastest since last November. On the price front, average cost burdens inflation remained high on higher fuel, wage, shipping and PPE costs, while the rate of charge inflation quickened. Business expectations remained optimistic in April, as hopes of an end to COVID-19 measures as 2021 progresses drove confidence in future activity.
2021-04-23

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.