MTSI Services PMI Composite Indexes

Index	October 2025	November 2025
General PMI	-0.54	-0.89
Activity	-1.17	-0.58
Revenue	-1.28	-0.80
New Orders	-1.46	-0.50
Employment	-1.50	-1.43
Prices Paid	0.42	0.32
Prices Received	0.20	0.05
Wages	-0.44	-0.15

The MTSI Services PMI General PMI Composite Index fell to -0.89 in November, down from -0.54 in October, revised down from the 1st estimate of -0.53, with 7 out of 8 PMIs reported.

The Activity index improved to -0.58 (from -1.17), indicating a smaller contraction than in October but still signaling subdued output conditions.
Revenue strengthened to -0.80 (from -1.28), showing a moderate easing in the pace of decline compared with the prior month.
New Orders rose to -0.50 (from -1.46), marking the largest improvement among the forward-looking components, though demand remained negative overall.
Employment stayed deeply negative at -1.43 (vs -1.50), pointing to continued labor market softness in services.
Prices Paid eased to 0.32 (from 0.42), suggesting cost pressures moderated for a second month.
Prices Received slipped to 0.05 (from 0.20), indicating weaker pricing power for firms heading into year-end.
Wage growth improved slightly but remained subdued at -0.15 (from -0.44), consistent with softer hiring conditions.

Index	October 2025	November 2025
General PMI	-0.54	-0.53
Activity	-1.17	-1.13
Revenue	-1.28	-1.26
New Orders	-1.45	-1.45
Employment	-1.49	-1.83
Prices Paid	0.42	0.28
Prices Received	0.20	-0.18
Wages	-0.44	-0.40

The MTSI Services PMI General PMI Composite Index improved slightly to -0.53 in November, up from -0.54 in October, with 3 out of 8 PMIs reported.

The Activity, Revenue, and New Orders indexes all fell after a brief improvement in August, suggesting operating conditions continue to be volatile for services firms but broadly weak.
The Employment index has dropped to another new post-pandemic low, down from -1.13 in September to -1.49 in October and -1.83 in November.
The price indexes dropped to their lowest points since Q2, with Prices Paid down -0.14 ppts to 0.28 and Prices Received down -0.38 ppts to -0.18.
Wage growth remains weaker than normal, with the Wage index mostly unchanged at -0.40.

Index	September 2025	October 2025
General PMI	-1.00	-0.54
Activity	-0.98	-1.17
Revenue	-1.00	-1.29
New Orders	-0.82	-1.46
Employment	-1.13	-1.52
Prices Paid	0.48	0.42
Prices Received	0.15	0.20
Wages	-0.70	-0.44

The MTSI Services PMI General PMI Composite Index improved to -0.54 in October (from -1.00 in September), signaling a slower pace of contraction across the service sector as cost pressures moderated slightly, with all PMIs reported.

The Activity, Revenue, and New Orders indexes all fell after a brief improvement in August, suggesting operating conditions continue to be volatile for services firms.
The Employment index has dropped to the lowest in the post-pandemic period, down from -1.13 in September to -1.52 in October.
The price indexes didn’t move much, but Prices Paid did ease slightly while Prices Received increased slightly. Both are generally above where they were in Q1.
Indicators of wage growth continue to trend below the norm, falling from stronger readings in 2023 and 2024.

Index	September 2025	October 2025
General PMI	-1.00	-0.58
Activity	-0.98	-1.12
Revenue	-1.00	-1.28
New Orders	-0.82	-1.53
Employment	-1.13	-1.49
Prices Paid	0.48	0.43
Prices Received	0.15	0.13
Wages	-0.70	-0.42

The MTSI Services PMI General PMI Composite Index improved to -0.58 in October (from -1.00 in September), signaling a slower pace of contraction across the service sector as cost pressures moderated slightly, with 5 of 8 PMIs reported.

The Activity index edged lower to -1.12 (from -0.98), indicating continued weakness in overall service output.
Revenue softened further to -1.28 (from -1.00), showing a deeper pullback in business income.
New Orders fell to -1.53 (from -0.82), marking a sharper decline in demand.
Employment weakened to -1.49 (from -1.13), reflecting ongoing softness in labor conditions.
Prices Paid eased to +0.43 (from +0.48), suggesting slightly reduced input cost growth.
Prices Received slipped to +0.13 (from +0.15), indicating limited pricing power.
Wages improved modestly to -0.42 (from -0.70), though compensation trends remain negative overall.

Index	August 2025	September 2025
General PMI	-0.16	-1.01
Activity	-0.09	-0.99
Revenue	0.06	-1.01
New Orders	0.37	-0.83
Employment	-1.11	-1.14
Prices Paid	0.75	0.48
Prices Received	0.28	0.15
Wages	-0.19	-0.70

The MTSI Services PMI Composite fell sharply to -1.01 in September (from -0.16 in August), reflecting a broad-based deterioration across activity, demand, and labor measures, with 8 out of 8 PMIs reported.

The Activity index dropped to -0.99 (from -0.09), indicating a significant weakening in overall service sector output.
Revenue fell to -1.01 (from +0.06), reversing from marginal growth in August to contraction in September.
New Orders declined to -0.83 (from +0.37), showing a notable softening in demand momentum.
Employment slipped further to -1.14 (from -1.11), remaining firmly negative and underscoring continued labor market weakness.
Prices Paid eased to +0.48 (from +0.75), pointing to a moderation in input cost pressures.
Prices Received fell to +0.15 (from +0.28), suggesting reduced pricing power for firms.
Wages dropped to -0.70 (from -0.19), highlighting a steeper decline in labor compensation trends.

Index	August 2025	September 2025
General PMI	-0.16	-0.88
Activity	-0.09	-0.72
Revenue	0.06	-0.82
New Orders	0.37	-0.79
Employment	-1.11	-1.06
Prices Paid	0.75	0.52
Prices Received	0.28	0.17
Wages	-0.20	-0.64

The MTSI Services PMI Composite weakened to -0.88 in September from -0.16 in August, reflecting a broad-based decline across activity, demand, and labor indicators with 6 out of 8 PMIs reported.

Activity fell to -0.72 (from -0.09), signaling a sharper contraction in output momentum.
Revenue dropped to -0.82 (from +0.06), pointing to a reversal into negative sales conditions.
New Orders declined to -0.79 (from +0.37), indicating much weaker incoming demand compared with August.
Employment slipped further to -1.06 (from -1.11), remaining firmly negative and highlighting persistent labor market softness.
Prices Paid eased to +0.52 (from +0.75), suggesting some moderation in input cost pressures.
Prices Received softened to +0.17 (from +0.28), consistent with reduced pricing power.
Wages fell further to -0.64 (from -0.20), underscoring continued weakness in labor compensation trends.

Index	August 2025	September 2025
General PMI	-0.17	-0.25
Activity	-0.10	-0.24
Revenue	0.05	0.05
New Orders	0.36	0.36
Employment	-1.11	-1.24
Prices Paid	0.75	0.73
Prices Received	0.28	0.29
Wages	-0.20	-0.19

The MTSI Services PMI Composite slipped to -0.25 in September from -0.17 in August, reflecting a modest worsening in overall services conditions, with only 1 out of 8 PMIs reported.

The Activity index fell to -0.24 from -0.10, pointing to weaker current output momentum.
Revenue was unchanged at 0.05, suggesting steady sales conditions despite softer activity.
New Orders held firm at 0.36, indicating stability in incoming demand compared with August.
Employment declined further to -1.24 from -1.11, highlighting continued weakness in hiring relative to activity.
Prices Paid eased slightly to 0.73 from 0.75, while Prices Received ticked up to 0.29 from 0.28, showing stable but moderating price dynamics.
Wages edged up to -0.19 from -0.20, remaining slightly negative and consistent with broader labor softness.

Index	July 2025	August 2025
General PMI	-1.04	-0.17
Activity	-0.52	-0.10
Revenue	-0.53	0.05
New Orders	-0.40	0.36
Employment	-0.87	-1.12
Prices Paid	0.33	0.75
Prices Received	0.14	0.28
Wages	-0.58	-0.20

The MTSI Services PMI Composite Index bounced from -1.04 in July to -0.17 in August, a significant improvement in services conditions, with all PMI data reported.

The Activity index has recovered to almost normal, rising from -0.52 in July to -0.10 in August.
Demand appears to be improving after weak Q2 readings as the Revenue index increased 58 bps to 0.05 and the New Orders index jumped 76 bps to 0.36.
While activity indicators improved, the Employment index weakened further, down from -0.87 in July to -1.12 in August.
Inflationary pressures increased in August as the Prices Paid index more than doubled to 0.75 and the Prices Received index increased 14 bps to 0.28 (the highest since May 2023).

Index	July 2025	August 2025
General PMI	-1.04	-0.17
Activity	-0.52	-0.11
Revenue	-0.53	0.05
New Orders	-0.40	0.32
Employment	-0.87	-1.12
Prices Paid	0.33	0.76
Prices Received	0.14	0.28
Wages	-0.58	-0.20

The MTSI Services PMI Composite Index bounced from -1.04 in July to -0.17 in August, a significant improvement in services conditions, with 7/8 PMIs reported.

The Activity index has recovered to almost normal, rising from -0.52 in July to -0.11 in August.
Demand appears to be improving after weak Q2 readings as the Revenue index increased 58 bps to 0.05 and the New Orders index jumped 72 bps to 0.32.
While activity indicators improved, the Employment index weakened further, down from -0.87 in July to -1.12 in August.
Inflationary pressures increased in August as the Prices Paid index more than doubled to 0.76 and the Prices Received index increased 14 bps to 0.28 (the highest since May 2023).

Index	July 2025	August 2025
General PMI	-1.04	-1.07
Activity	-0.52	-0.57
Revenue	-0.53	-0.53
New Orders	-0.40	-0.4
Employment	-0.88	-0.97
Prices Paid	0.34	0.33
Prices Received	0.14	0.19
Wages	-0.58	-0.58

The MTSI Services PMI Composite Index edged lower to -1.07 in August 2025, mostly unchanged from -1.04 in July, indicating continued mild contraction in the services sector with just 1/8 surveys reported and flash S&P PMI data.

Activity slipped to -0.57 (Jul: -0.52), showing a slightly faster pace of decline.
Revenue held unchanged at -0.53, suggesting stable but weak business conditions.
New Orders stayed at -0.40, pointing to flat demand momentum.
Employment fell further to -0.97 (Jul: -0.88), reflecting deeper contraction in hiring.
Prices Paid eased to 0.33 (Jul: 0.34), while Prices Received rose to 0.19 (Jul: 0.14), indicating stable input costs with modest improvement in selling prices.
Wages remained at -0.58, showing persistent pressure on labor compensation.

mtsi-services-pmi-composite-indexes-july-2025-(final)-1.png

Index	June 2025	July 2025
General PMI	-1.12	-1.05
Activity	-1.42	-0.52
Revenue	-1.37	-0.53
New Orders	-1.95	-0.40
Employment	-1.07	-0.88
Prices Paid	0.33	0.34
Prices Received	-0.27	0.14
Wages	-0.85	-0.58

The MTSI Services PMI Composite Index improved slightly in July to -1.05 (from -1.12 in June), signaling ongoing mild contraction in the services sector with 8/8 PMIs now reported.

Activity rose to -0.52 (from -1.42), showing a notable rebound.
Revenue strengthened to -0.53 (from -1.37), suggesting improving business conditions.
New Orders recovered to -0.40 (from -1.95), indicating stabilizing demand.
Employment ticked up to -0.88 (from -1.07), but remains in contraction.
Prices Paid edged up to 0.34 (from 0.33), while Prices Received turned positive at 0.14 (from -0.27), reflecting slight pricing momentum.
Wages improved to -0.58 (from -0.85), showing easing downward pressure.

mtsi-services-pmi-composite-indexes-july-2025-(final)-2.png

mtsi-services-pmi-composite-indexes-july-2025-(2nd-estimate)-1.png

Index	June 2025	July 2025
General PMI	-1.12	-1.11
Activity	-1.41	-0.64
Revenue	-1.37	-0.71
New Orders	-1.95	-0.39
Employment	-1.07	-0.95
Prices Paid	0.33	0.26
Prices Received	-0.27	0.22
Wages	-0.85	-0.65

The MTSI Services PMI Composite Index was little changed in July at -1.11 (from -1.12 in June), indicating continued mild contraction in the services sector with 5/8 PMIs reported.

Activity improved to -0.64 (from -1.41), while revenue also recovered to -0.71 (from -1.37).
New orders saw the largest gain, rising to -0.39 (from -1.95), suggesting demand is stabilizing.
Employment remained weak at -0.95 (vs -1.07), while wage pressures eased slightly to -0.65 (from -0.85).
Prices paid declined to 0.26 (from 0.33), and prices received turned positive at 0.22 (from -0.27), pointing to modest pricing power.

mtsi-services-pmi-composite-indexes-july-2025-(2nd-estimate)-2.png

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