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 was revised slightly lower to 55 in October 2024 from a preliminary of 55.3 and compared to 55.2 in September. The reading showed US service providers continued to expand their business activity at a marked although slightly slower rate. New orders grew at a solid pace that was broadly in line with that seen in September, despite signs of weaker international demand. Firms nevertheless continued to scale back staffing levels marginally amid uncertainty over future demand. On the price front, companies raised their charges at the joint-slowest pace in almost four-and-a-half years, in spite of a further sharp increase in input costs. Meanwhile, business activity expectations revived from a 23-month low in September.