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United States Services PMI

Last Release
Apr 30, 2024
Actual
50.9
Units In
Points
Previous
51.7
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
53.75 Points2013-2024Markit 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 dropped to 50.9 in April 2024, the lowest level in five months and well below market expectations of 52. The decrease in new business was attributed to high interest rates and prices, which limited demand for services. Employment also saw a significant decline, the largest since mid-2020. Excluding the initial wave of the COVID-19 pandemic, staffing levels in services hit a low not seen since the end of 2009. Service providers mentioned increased staff and shipping costs, although overall cost increases were at their second-lowest in three-and-a-half years. There was also a slowdown in charge inflation.

United States Services PMI History

Last 12 readings

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