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.