The S&P Global US Services PMI eased to 51.7 in March of 2024 from 52.3 in the previous month, in line with preliminary estimates. Despite the slowdown, the result marked 13 consecutive months of growth for service providers, extending evidence of robust activity despite the prolonged period of high interest rates by the Federal Reserve. New orders rose at the most moderate pace since November, with firms citing a lack of demand from foreign clients, while domestic sales were supported by successful advertising campaigns. The softer growth in new orders allowed service providers to meet outstanding business in the period, driving backlogs to fall for the eighth month in the last nine. Still, companies continued to expand their staffing levels, marking the 45th consecutive period of job creation. On the price front, higher wages continued to underpin input cost inflation, along with rises in transportation and material costs, and triggering a sharp increase in output charges. source: S&P Global

Services PMI in the United States decreased to 51.70 points in March from 52.30 points in February of 2024. Services PMI in the United States averaged 53.77 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 April of 2024.

Services PMI in the United States decreased to 51.70 points in March from 52.30 points in February 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 52.10 52.50 points Mar 2024
Dallas Fed Services Index -5.50 -3.90 points Mar 2024
S&P Global Manufacturing PMI 51.90 52.20 points Mar 2024
ISM Services PMI 51.40 52.60 points Mar 2024
Richmond Fed Services Index -7.00 -16.00 points Mar 2024
S&P Global Services PMI 51.70 52.30 points Mar 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
51.70 52.30 70.40 26.70 2013 - 2024 points Monthly

News Stream
US Services Activity Slows: S&P
The S&P Global US Services PMI eased to 51.7 in March of 2024 from 52.3 in the previous month, in line with preliminary estimates. Despite the slowdown, the result marked 13 consecutive months of growth for service providers, extending evidence of robust activity despite the prolonged period of high interest rates by the Federal Reserve. New orders rose at the most moderate pace since November, with firms citing a lack of demand from foreign clients, while domestic sales were supported by successful advertising campaigns. The softer growth in new orders allowed service providers to meet outstanding business in the period, driving backlogs to fall for the eighth month in the last nine. Still, companies continued to expand their staffing levels, marking the 45th consecutive period of job creation. On the price front, higher wages continued to underpin input cost inflation, along with rises in transportation and material costs, and triggering a sharp increase in output charges.
2024-04-03
US Services Sector Looses Momentum
The S&P Global US Services PMI fell to a three-month low of 51.7 in March 2024 from 52.3 in February, slightly below forecasts of 52, and reflecting a loss of momentum in the service sector, according to preliminary estimates. New business growth softened and new business from abroad declined while employment increased. Meanwhile, inflationary pressures went up amid increasing wages business confidence improved also linked confidence to planned marketing activity.
2024-03-21
US Services PMI Revised Higher: S&P Global
The S&P Global US Services PMI was revised higher to 52.3 in February of 2024 from a preliminary of 51.3 and compared to 52.5 in January. The reading pointed to a further solid performance of the services sector, as output rose for a thirteenth successive month, and new business inflows continued to increase albeit at the slowest pace in three months, as new business from abroad dipped back into contraction territory. Meanwhile, pressure on capacity dissipated as backlogs of work fell, aided by a further rise in employment. On the price front, the rate of input cost inflation eased again to the slowest since October 2020. Companies sought to pass higher costs on to customers, causing selling prices to rise at a sharper pace, albeit still one of the lowest since early-2020. Finally, business confidence dropped to the lowest since last November amid reports of reduced purchasing power at customers and efforts to cut costs.
2024-03-05