The S&P Global US Services PMI increased to 46.6 in January 2023, up from 44.7 at the end of 2022 and above market expectations of 45.0, a preliminary estimate showed. The latest reading signaled a solid fall in service sector output, but one that was the softest since last October, amid customer hesitancy and high inflation. The decrease in new business was only marginal overall, while employment rose only fractionally and backlogs of work declined further. On the price front, input cost inflation accelerated and output price inflation was unchanged from December. Finally, business confidence reached a four-month high amid hopes that domestic and external demand conditions improve. source: Markit Economics

Services PMI in the United States averaged 53.99 points from 2013 until 2023, 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 January of 2023.

Services PMI in the United States is expected to be 48.00 points by the end of this quarter, according to Trading Economics global macro models and analysts expectations.

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United States Services PMI



Related Last Previous Unit Reference
Services PMI 46.60 44.70 points Jan 2023
Manufacturing PMI 46.80 46.20 points Jan 2023
Composite PMI 46.60 45.00 points Jan 2023

United States Services PMI
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.
Actual Previous Highest Lowest Dates Unit Frequency
46.60 44.70 70.40 26.70 2013 - 2023 points Monthly

News Stream
US Service Sector Remains in Contraction Territory
The S&P Global US Services PMI increased to 46.6 in January 2023, up from 44.7 at the end of 2022 and above market expectations of 45.0, a preliminary estimate showed. The latest reading signaled a solid fall in service sector output, but one that was the softest since last October, amid customer hesitancy and high inflation. The decrease in new business was only marginal overall, while employment rose only fractionally and backlogs of work declined further. On the price front, input cost inflation accelerated and output price inflation was unchanged from December. Finally, business confidence reached a four-month high amid hopes that domestic and external demand conditions improve.
2023-01-24
US Services PMI Revised Slightly Higher
The S&P Global US Services PMI was revised slightly higher to 44.7 in December of 2022 from a preliminary of 44.4 but continued to point to the biggest contraction in the services sector in four months and was the second-fastest since May of 2020. Lower business activity was commonly attributed to a further reduction in new orders, as client demand weakened due to the impact of higher interest rates and inflation on customer spending. New export orders also declined amid global economic uncertainty and high inflation in key export markets. Meanwhile, job creation was only marginal overall as cost saving initiatives and lay-offs weighed on hiring. On the price front, input inflation was the slowest since October of 2020 as higher supplier and wage bills were partly offset by reductions in some key input prices. Finally, service sector firms registered optimistic expectations regarding the year ahead.
2023-01-05
US Service Sector Shrinks Further in December
The S&P Global US Services PMI slumped to 44.4 in December 2022 from 46.2 in the previous month and well below market expectations of 46.8, a preliminary estimate showed. The latest data signaled the fastest pace of contraction in the service sector for four months, also one of the quickest since 2009, led by a further solid decrease in new orders. In addition, the rate of job creation was the second-slowest since September 2021, due to the non-replacement of voluntary leavers and reports of lay-offs. At the same time, pressure on capacity waned further, as backlogs of work fell at a solid pace. On the price front, input cost inflation was the lowest since October 2020, while selling prices rose the least for over two years. Finally, business confidence was among the weakest in two years as firms highlighted concerns regarding inflation, hikes in interest rates and dwindling demand.
2022-12-16