United States Services PMI

Last Release

Jul 31, 2024

Actual

Units In

Points

55.3

Frequency

Monthly

Next Release

N/A

Time to Release

N/A

Highest	Lowest	Average	Date Range	Source
70.4 May 2021	26.7 Apr 2020	53.79 Points	2013-2024	Markit Economics

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.

Latest Updates

The S&P Global Services PMI rose to 56 in July 2024, the highest in 28 months, from 55.3 in June and above market expectations of 55, flash data showed. New business inflows accelerated sharply, reaching their quickest pace in over a year. However, payroll growth was slower compared to June. Prices charged for services increased at the slowest rate in nearly four years, while input costs rose at a faster pace. Despite this, optimism about future output decreased due to uncertainty surrounding the upcoming Presidential Election and potential policy changes. Companies also expressed worries about the ongoing high cost of living, which could impact inflation and interest rates.