The IHS Markit US Services PMI dropped to 59.8 in July 2021, from 64.6 in the previous month and well below market expectations of 64.8, a preliminary estimate showed. The latest reading signaled a further slowdown in service sector growth from May's record high, amid labor shortages and difficulties acquiring stock. New business rose the least for five months, with some firms noting customer hesitancy amid significant hikes in selling prices. Similarly, the rate of increase in new export orders eased. Although firms recorded solid gains in employment, the level of outstanding business rose further in July. On the price front, input costs and output charges continued to rise a strong rate. Looking ahead, business confidence fell to a five-month low. source: Markit Economics
Services PMI in the United States averaged 54.36 points from 2013 until 2021, reaching an all time high of 70.40 points in May of 2021 and a record low of 26.70 points in April of 2020. This page provides the latest reported value for - United States Services PMI - plus previous releases, historical high and low, short-term forecast and long-term prediction, economic calendar, survey consensus and news. United States Services PMI - data, historical chart, forecasts and calendar of releases - was last updated on August of 2021.
Services PMI in the United States is expected to be 59.00 points by the end of this quarter, according to Trading Economics global macro models and analysts expectations. Looking forward, we estimate Services PMI in the United States to stand at 53.00 in 12 months time. In the long-term, the United States Services PMI is projected to trend around 50.80 points in 2022, according to our econometric models.