Services Economy

The October Services PMI, at 52.4 (a reading over 50.0 or above represents expansion and below 50 indicates contraction), increased 2.4% over September's 50.0 reading, which was preceded by expansion in 13 of the previous 14 months before September.

The September Services PMI, at 50.0 (a reading of 50.0 or above represents expansion and below indicates contraction) was below a 52.0 August readng, which topped July by 1.9%. This reading is 2.0 below the 12-month high of 52.0 set in August and 0.1% above the May 2025 low of 49.9.

The August Services PMI, at 52.0 (a reading of 50 or higher signals growth), rose 1.9% over July’s 50.1 reading.

The July Services PMI, at 50.1 (a reading of 50 or higher signals growth), fell 0.7% off of June’s 50.8 reading, growing, at a slower rate, for the second consecutive month.

The June Services PMI, at 50.8 (a reading of 50 or higher signals growth), increased 0.9% over May’s 49.9 reading.

The May Services PMI, at 49.9 (a reading of 50 or higher signals growth), fell 1.7% from April’s 51.6 reading. Prior to May, the Services PMI had seen growth in 56 of the previous 59 months, going back to the initial recovery from the pandemic in June 2020.

The April Services PMI, at 51.6 (a reading of 50 or higher signals growth) increased 0.8% over March, growing, at a faster rate, for the 10th consecutive month, and for the 56th time in the last 59 months, going back to the initial recovery from the pandemic in June 2020. It was 1.0% below the 12-month average of 52.6, with October 2024’s 55.8 and June 2024’s 49.2 marking the respective high and low readings over that period.

The March Services PMI, at 50.8 (a reading of 50 or higher signals growth) fell 2.7% compared to February, growing, at a slower rate, for the ninth consecutive month, and for the 55th time in the last 58 months, going back to the initial recovery from the pandemic in June 2020.

The February Services PMI, at 54.4 (a reading of 50 or higher signals growth) was up 0.7% compared to January, growing, at a faster rate, for the eighth consecutive month, and for the 54th time in the last 57 months, going back to the initial recovery from the pandemic in June 2020.  

The January Services PMI, at 52.3 (a reading of 50 or higher signals growth) was down 1.2% compared to December, growing, at a slower rate, for the seventh consecutive month, and for the 53rd time in the last 56 months, going back to the initial recovery from the pandemic in June 2020.

The December Services PMI, at 54.1 (a reading of 50 or higher signals growth) rose 2.0% over November’s 52.1 reading, growing, at a faster rate, for the sixth consecutive month.

The November Services PMI, at 52.1 (a reading of 50 or higher signals growth), was down 3.9% compared to October, growing, at a slower rate, for the fifth consecutive month.

The October Services PMI, at 56.0 (a reading of 50 or higher signals growth), was up 1.1% over September, growing, at a faster rate, for the fourth consecutive month.

The August Services PMI, at 51.5 (a reading of 50 or higher signals growth), was essentially flat, up 0.1% over July’s 51.4 reading, which was up 2.6% over June’s 48.8 reading. May came in at 53.8, which was preceded by a 49.4 April reading that marked the first time the Services PMI contracted since December 2022, when it came in at 49 and prior to that the last month seeing contraction was in May 2020, when it came in at 45.4.

The July Services PMI, at 51.4 (a reading of 50 or higher signals growth), increased 2.6% over June’s 48.8 reading, which was off 5.0% compared to May’s 53.8 reading, which was preceded by a 49.4 April reading that marked the first time the Services PMI contracted since December 2022, when it came in at 49 and prior to that the last month seeing contraction was in May 2020, when it came in at 45.4.