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.