United States Composite PMI

Last Release

Mar 31, 2023

Actual

53.3

Units In

Points

50.1

Frequency

Monthly

Next Release

N/A

Time to Release

N/A

Highest	Lowest	Average	Date Range	Source
68.7 May 2021	27 Apr 2020	53.97 Points	2013-2023	Markit Economics

In the United States, Markit Composite PMI Output Index tracks business trends across both manufacturing and service sectors (60 percent from the manufacturing sector and 40 percent from the services sector). The index is based on data collected from a representative panel of over 1,000 companies and follows variables such as sales, new orders, employment, inventories and prices. A reading above 50 indicates expansion in business activity while below 50 points to contraction.

Latest Updates

The S&P Global US Composite PMI jumped to 53.3 in March of 2023, expanding from 50.1 in the previous month and firmly above market estimates, according to preliminary data. It was the fastest pace of expansion in private-sector activity since May 2022, as growth for the services sector (53.8 vs 50.6 in February) offset a slower decline for manufacturers (49.3 vs 47.3). Output grew in both sectors, underpinned by the greatest improvement in delivery times on record. In the meantime, new orders increased for the first time since September 2022 as firms scored new clients and introduced new products. Higher demand for new business led backlogs of work to rise for the first time in six months, driving companies to turn up hiring activity. Meanwhile, input inflation softened to its second-slowest pace since October 2020, although price growth remained high by historical standards. Still, uncertainty in financial markets pressure business confidence to a three-month low.