The S&P Global US Services PMI fell to 49.8 in March of 2026 from 51.7 in the previous month, revised lower from the preliminary estimate of 51.1, signaling the first contraction in the sector in over three years. The decline came amid the weakest growth in new business since April 2024, as firms cited reduced client confidence and softer demand, partly linked to the impact of the Middle East conflict. Export activity also deteriorated further, with tariffs and geopolitical tensions weighing on trade. Business sentiment weakened to a five-month low as rising energy costs raised concerns over inflation and consumer spending. Employment edged lower for the first time since December, reflecting caution among firms. Input cost inflation accelerated to its highest level this year, driven largely by higher energy prices, while companies continued to pass on rising costs to clients, pushing selling price inflation to an eight-month high. source: S&P Global

Services PMI in the United States decreased to 49.80 points in March from 51.70 points in February of 2026. Services PMI in the United States averaged 53.78 points from 2013 until 2026, 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.

Services PMI in the United States decreased to 49.80 points in March from 51.70 points in February of 2026. Services PMI in the United States is expected to be 50.40 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 52.00 points in 2027, according to our econometric models.



Related Last Previous Unit Reference
Dallas Fed Services Index -13.30 -3.20 points Mar 2026
NY Fed Services Activity Index -14.00 -22.60 points Apr 2026
Richmond Fed Services Index 9.00 -8.00 points Mar 2026


United States Services PMI
The S&P Global US Services PMI is compiled by S&P Global from responses to questionnaires sent to a panel of around 400 service sector companies. The sectors covered include consumer (excluding retail), transport, information, communication, finance, insurance, real estate and business services. The index tracks variables such as sales, employment, inventories and prices; and varies between 0 and 100, with a reading above 50 indicating an overall increase compared to the previous month, and below 50 an overall decrease. The headline figure is the Services Business Activity Index, which is a diffusion index calculated from a question that asks for changes in the volume of business activity compared with one month previously. The Services Business Activity Index is comparable to the Manufacturing Output Index. This is only a limited sample of PMI headline data displayed on the Customer’s service, under licence from S&P Global. Full historic PMI headline data and all other PMI sub-index data and histories are available on subscription from S&P Global. Contact economics@spglobal.com for more details.

News Stream
US Services Activity Unexpectedly Contracts
The S&P Global US Services PMI fell to 49.8 in March of 2026 from 51.7 in the previous month, revised lower from the preliminary estimate of 51.1, signaling the first contraction in the sector in over three years. The decline came amid the weakest growth in new business since April 2024, as firms cited reduced client confidence and softer demand, partly linked to the impact of the Middle East conflict. Export activity also deteriorated further, with tariffs and geopolitical tensions weighing on trade. Business sentiment weakened to a five-month low as rising energy costs raised concerns over inflation and consumer spending. Employment edged lower for the first time since December, reflecting caution among firms. Input cost inflation accelerated to its highest level this year, driven largely by higher energy prices, while companies continued to pass on rising costs to clients, pushing selling price inflation to an eight-month high.
2026-04-03
US Services Activity Growth Falls to 11-Month Low
The S&P Global US Services PMI fell to 51.1 in March of 2026 from 51.7 in the previous month, below the median market consensus of 51.1 to reflect the softest pace of expansion in the sector in eleven months, according to a preliminary reading. New work grew at a softer pace with both domestic and foreign orders decelerating. Firms cited subdued confidence for consumers and business customers as the war in the Middle East magnified existing policy-related worries of higher deficit spending. Lower margins for customers drove firms to reduce their staff. The outbreak of war and its impact on orders drove firms to have their weakest outlook since last October.
2026-03-24
US Services Activity Slows More than Thought: S&P Global
The S&P Global US Services PMI fell to 51.7 in February of 2026 from 52.7 in the previous month, revised lower from the preliminary estimate of 52.3 and well below the initial market estimates of 53 to reflect the softest pace of expansion in the US services sector in ten months. New work flows expanded at a softer pace, limited by a drop in export orders as foreign clients continued to struggle with uncertain trade policies from the retaliation on US tariffs. Still, firms registered a robust growth rate in their employment levels, largely due to ease in in filling existing vacancies, while cost-cutting efforts prevented a larger expansion in the workforce. Labor expenses had resulted in higher input inflation for service providers, driving an acceleration in output charges. Despite the softening signs, companies increased their optimism on future business due to tax breaks and stronger economic sentiment.
2026-03-04