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 rose to 57 in November of 2024 from 55 in the previous month, well above market expectations of 55.2, to mark the sharpest expansion in the US services sector activity since March of 2022. The reading extended the strong momentum for the sector despite the prolonged period of restrictive rates by the Federal Reserve, adding leeway for the central bank to hold off on jeopardizing its fight against stubborn inflation. New orders rose the most since April 2022 to underscore the sector's resilience and strong customer demand. Still, firms chose to shed employment further. On the price front, input inflation moderated considerably, driving charges to increase the least since May 2020. Looking forward, the business outlook continued to improve.