United States Services PMI

Last Release

Aug 31, 2023

Actual

50.5

Units In

Points

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.