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	53.78 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 US Services PMI was revised lower to 55.2 in September 2024 from a preliminary of 55.4, slightly down from 55.7 in August but still indicating strong growth. New business rose solidly, although companies hesitated to hire due to rising input costs, which increased at the joint-fastest rate in a year. Selling price inflation also accelerated. Despite the growth, business confidence dropped to its lowest level since October 2022 over concerns about an economic slowdown. Employment fell slightly for the second month in a row. Backlogs of work accumulated as companies struggled with staff shortages and solid new orders, with backlogs rising at the fastest pace since January.