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.

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United States Services PMI



Related Last Previous Unit Reference
Services PMI 47.30 52.70 points Jul 2022
Manufacturing PMI 52.20 52.70 points Jul 2022
Composite PMI 47.70 52.30 points Jul 2022

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.
Actual Previous Highest Lowest Dates Unit Frequency
47.30 52.70 70.40 26.70 2013 - 2022 points Monthly

News Stream
US Services PMI Revised Higher: S&P Global
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.
2022-08-03
US Service Sector Activity Unexpectedly Contracts in July
The S&P Global US Services PMI fell to 47 in July of 2022 from 52.7 in June, missing market expectations of 52.6 and signaling the sharpest fall in output since May 2020. New export business decreased for the second successive month amid challenging economic conditions in key export destinations and new business returned to expansion at a much softer pace than that seen in the last two years. The rate of job creation was the weakest for five months as pressure on capacity subsided. Backlogs of work decreased at a faster pace, and one that was the sharpest since May 2020. On the price front, input prices rose markedly, albeit at the softest pace since January; and output charges softened the most since March 2021. Looking ahead, service providers signaled the lowest degree of confidence in the outlook for output since September 2020.
2022-07-22
US Services PMI Revised Higher: S&P Global
The S&P Global US Services PMI was revised higher to 52.7 in June of 2022 from a preliminary of 51.6, and down from 53.4 in May pointing to the weakest rise in activity since January. New orders decrease for the first time in almost two years as sustained price pressures and economic uncertainty hit demand. On the price front, a further substantial rise in input prices was recorded in June, although inflation did ease from May's survey peak. Rising wages played a key role in higher input costs, with increased fuel charges also widely mentioned. Firms often passed on higher costs to their customers, but efforts to stimulate demand led to a further slowdown in charge inflation. Finally, business confidence regarding the year ahead outlook dropped to a 21-month low.
2022-07-06