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United States Services Pmi

Last Release

Sep 2021

Actual

54.9 points

Forecast

N/A

55.1 points

Frequency

Monthly

Units In

points

Next Release

Nov 3, 2021

Time to Release

13 Days 1 Hours

Highest	Lowest	Average	Date Range	Source
70.4 points May 2021	26.7 points Apr 2020	54.32 points	2013 - 2021	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 IHS Markit US Services PMI was revised higher to 54.9 in September of 2021 from a preliminary of 54.4, still pointing to the slowest growth in the services sector so far this year. New business rose the least in 13 months and labour shortages hampered output growth. Total sales were weighed down by the spread of COVID-19 and a faster decline in new export orders. At the same time, pressure on capacity was reflected in the sharpest rise in backlogs of work since data collection began almost 12 years ago. Challenges expanding workforce numbers reportedly exacerbated difficulties clearing incoming new business. Meanwhile, cost pressures built for a second month running as input prices rose at a steep rate. Firms continued to pass on higher costs to clients, but at the slowest pace for five months. Finally, business confidence was the highest since June amid hopes of a reduction in COVID-19 cases and a further boost to client demand.