The S&P Global US Composite PMI declined to 50.4 in August 2023, falling short of market expectations of 52.0, according to a preliminary estimate. The latest reading indicated the weakest upturn in private sector activity since February, as a deepening contraction in the manufacturing sector was accompanied by slower growth in service sector output. Total new orders fell for the first time in six months, and the pace of job creation eased to an over three-year low, amid sustained pressure from inflation and high interest rates. Additionally, backlogs of work contracted at the sharpest rate since May 2020. Meanwhile, input cost inflation quickened due to greater fuel, wage, and raw material costs, while selling price inflation eased. Finally, US firms were more optimistic in their outlook for output over the coming year, fueled by hopes of stabilization in interest rates, increased client demand, and a moderation in price pressures. source: Markit Economics

Composite PMI in the United States averaged 53.91 points from 2013 until 2023, reaching an all time high of 68.70 points in May of 2021 and a record low of 27.00 points in April of 2020. This page provides the latest reported value for - United States Composite PMI - plus previous releases, historical high and low, short-term forecast and long-term prediction, economic calendar, survey consensus and news. United States Composite PMI - data, historical chart, forecasts and calendar of releases - was last updated on August of 2023.

Composite PMI in the United States is expected to be 51.40 points by the end of this quarter, according to Trading Economics global macro models and analysts expectations. In the long-term, the United States Composite PMI is projected to trend around 53.00 points in 2024, according to our econometric models.

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United States Composite PMI



Related Last Previous Unit Reference
Manufacturing PMI 47.00 49.00 points Aug 2023
Services PMI 51.00 52.30 points Aug 2023
Composite PMI 50.40 52.00 points Aug 2023

United States Composite PMI
In the United States, the S&P Global Composite PMI Output Index, which is a weighted average of the Manufacturing Output Index and the Services Business Activity Index, tracks business trends across both manufacturing and service sectors. The index is based on data collected from a representative panel of over 800 companies and follows variables such as sales, new orders, employment, inventories and prices. A reading above 50 indicates expansion in business activity while below 50 points to contraction.
Actual Previous Highest Lowest Dates Unit Frequency
50.40 52.00 68.70 27.00 2013 - 2023 points Monthly
SA

News Stream
US Private Sector Growth Slows to Near-Stagnation
The S&P Global US Composite PMI declined to 50.4 in August 2023, falling short of market expectations of 52.0, according to a preliminary estimate. The latest reading indicated the weakest upturn in private sector activity since February, as a deepening contraction in the manufacturing sector was accompanied by slower growth in service sector output. Total new orders fell for the first time in six months, and the pace of job creation eased to an over three-year low, amid sustained pressure from inflation and high interest rates. Additionally, backlogs of work contracted at the sharpest rate since May 2020. Meanwhile, input cost inflation quickened due to greater fuel, wage, and raw material costs, while selling price inflation eased. Finally, US firms were more optimistic in their outlook for output over the coming year, fueled by hopes of stabilization in interest rates, increased client demand, and a moderation in price pressures.
2023-08-23
US Composite PMI Confirmed at 52
The S&P Global US Composite PMI declined to 52 in July of 2023 from 53.2 in the previous month, in line with preliminary estimates, to point to the sixth consecutive month of expansion in private-sector business activity, albeit at the softest since February. Growth was mostly supported by resilient performances in the services sector (52.3 vs 54.4 in June), offsetting a third month of contraction for manufacturers (49 vs 46.3). Aggregate new orders saw the smallest uptick in four months during the period, as rising interest rates continued to press against consumer spending. Consequently, output also edged higher at a lower pace. Still, firms continued to increase staffing numbers, largely due to faster hiring in factories. In the meantime, input prices at the aggregate level remained at historically high levels, largely due to sharp hikes in wages of service-sector employees, translating to higher output charges across the board.
2023-08-03
US Private Sector Growth Slows to 5-Month Low
The S&P Global US Composite PMI declined to 52.0 in July 2023, down from 53.2 the previous month, as shown in a preliminary estimate. The latest reading indicated the softest pace of expansion in private sector business activity since February, with service activity growth easing to a five-month low, and manufacturing output levels remaining relatively unchanged. Total new orders rose the least since April, amid reports of constraints on client spending, including higher interest rates, while the rate of job creation was only marginal, marking the weakest level since January. On the price front, input prices increased the least since October 2020, while the rate of output charge inflation picked up as firms sought to pass through higher costs and increased interest rate payments to customers. Finally, business confidence dipped to the lowest level so far this year.
2023-07-24