The S&P Global US Services PMI surged to 54.8 in May of 2024 from 51.3 in the previous month, well above market expectations of 51.3, according to preliminary figures. The result reflected the sharpest expansion in the US private services sector in one year, adding to signs of resilience of the US economy to the prolonged period of higher interest rates. Inflows of new work rebounded sharply from their slip in April, driving business activity to grow at the fastest pace in over one year, reversing the slowdown in the prior three months despite the continued muted momentum for export demand. Still, service providers opted to shed jobs for the second straight month, with selected firms blaming staff shortages. On the price front, input prices continued to accelerate amid higher staffing costs. Looking ahead, companies reported optimism about output levels in the coming year, but sentiment remained below long-term averages on uncertainty regarding monetary policy and upcoming elections. source: S&P Global

Services PMI in the United States increased to 54.80 points in May from 51.30 points in April of 2024. Services PMI in the United States averaged 53.76 points from 2013 until 2024, 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 May of 2024.

Services PMI in the United States increased to 54.80 points in May from 51.30 points in April of 2024. Services PMI in the United States is expected to be 52.00 points by the end of this quarter, according to Trading Economics global macro models and analysts expectations.



Related Last Previous Unit Reference
S&P Global Composite PMI 54.40 51.30 points May 2024
Dallas Fed Services Index -10.60 -5.50 points Apr 2024
S&P Global Manufacturing PMI 50.90 50.00 points May 2024
ISM Services PMI 49.40 51.40 points Apr 2024
Richmond Fed Services Index -13.00 -7.00 points Apr 2024
S&P Global Services PMI 54.80 51.30 points May 2024

United States Services PMI
The S&P Global US Services PMI is compiled by S&P Global from responses to questionnaires sent to a panel of around 400 service sector companies. The sectors covered include consumer (excluding retail), transport, information, communication, finance, insurance, real estate and business services. The index tracks variables such as sales, employment, inventories and prices; and varies between 0 and 100, with a reading above 50 indicating an overall increase compared to the previous month, and below 50 an overall decrease. The headline figure is the Services Business Activity Index, which is a diffusion index calculated from a question that asks for changes in the volume of business activity compared with one month previously. The Services Business Activity Index is comparable to the Manufacturing Output Index.
Actual Previous Highest Lowest Dates Unit Frequency
54.80 51.30 70.40 26.70 2013 - 2024 points Monthly


News Stream
US Services PMI Soars to 1-Year High: S&P
The S&P Global US Services PMI surged to 54.8 in May of 2024 from 51.3 in the previous month, well above market expectations of 51.3, according to preliminary figures. The result reflected the sharpest expansion in the US private services sector in one year, adding to signs of resilience of the US economy to the prolonged period of higher interest rates. Inflows of new work rebounded sharply from their slip in April, driving business activity to grow at the fastest pace in over one year, reversing the slowdown in the prior three months despite the continued muted momentum for export demand. Still, service providers opted to shed jobs for the second straight month, with selected firms blaming staff shortages. On the price front, input prices continued to accelerate amid higher staffing costs. Looking ahead, companies reported optimism about output levels in the coming year, but sentiment remained below long-term averages on uncertainty regarding monetary policy and upcoming elections.
2024-05-23
US Services PMI Revised Higher: S&P Global
The S&P Global US Services PMI fell for the third month running in April to 51.3 from 51.7 in March, but above preliminary estimates of 50.9. The index pointed to a modest monthly increase in business activity, and one that was the slowest since last November. New orders fell for the first time since last October and employment was also reduced as firms showed a reluctance to replace departed staff. On the price front, rates of both input cost and output price inflation softened at the start of the second quarter, although in each case the latest increase was faster than the pre-pandemic average. Rises in wages, plus higher oil and gas prices, were widely reported by companies. Finally, US service providers remained optimistic that business activity will rise over the coming year, although sentiment fell to a five-month low.
2024-05-03
US Services PMI Unexpectedly Falls to 5-Month Low
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.
2024-04-23