The S&P Global US Services PMI was revised higher to 47.3 in July of 2022 from a preliminary of 47, but down from 52.7 in June to signal the sharpest fall in output since May 2020. Although new orders returned to growth, the rate of expansion was historically subdued and much slower than those seen earlier in the year. Subsequently, service providers registered weaker expectations regarding the outlook for output, as confidence dropped to a 22-month low. Nevertheless, companies expanded workforce numbers at a solid pace, with sufficient capacity allowing firms to work through backlogs of work effectively. Inflationary pressures remained historically elevated during July, but eased further. Input costs and output charges increased at the slowest paces for five and 16 months, respectively. source: Markit Economics
Services PMI in the United States averaged 54.42 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 August of 2022.
Services PMI in the United States is expected to be 45.00 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.