The IHS/Markit US Services PMI was revised higher to 37.5 in May of 2020 from a preliminary of 36.9 and above a record low of 26.7 in April. However, the reading still pointed to a big contraction in services sector as the impact of the coronavirus continued to dampen client demand. At the same time, new order inflows declined at a slower rate than in April, despite domestic and foreign demand remaining subdued. Consequently, companies cut jobs at a considerable pace, and one that was only slightly slower than April's recent record. The reduction in employment partially stemmed from pessimism among firms towards the outlook for activity over the next year, as extreme levels of business uncertainty weighed on confidence.
Services PMI in the United States averaged 53.68 points from 2013 until 2020, reaching an all time high of 61 points in June of 2014 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 2020. source: Markit Economics
Services PMI in the United States is expected to be 37.90 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 48.00 in 12 months time. In the long-term, the United States Services PMI is projected to trend around 50.50 points in 2021 and 50.80 points in 2022, according to our econometric models.