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United States Services PMI
Last Release
Aug 31, 2023
Actual
50.5
Units In
Points
Previous
52.3
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 | 53.92 Points | 2013-2023 | 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 fell to 50.2 in September 2023 from 50.5 in August, below market expectations of 50.6, preliminary estimates showed. It was the slowest rise in business activity in the current eight-month sequence of growth. Service sector firms saw a solid decrease in new business, following pressure on customer purchasing power from high inflation and interest rate hikes. A renewed fall in service sector new export orders led to another marginal decrease in total foreign client demand. Meanwhile, the pace of increase in staffing numbers accelerated. Finally, service providers were at their least optimistic in 2023 so far as strain on disposable incomes worsened.
United States Services PMI History
Last 12 readings