Latest Updates

• MTSI Services PMI Composite Indexes: September 2025 (Final) 2025-10-03 12:00

  

  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.

  
• MTSI Services PMI Composite Indexes: September 2025 (2nd Estimate) 2025-09-26 12:00

  

  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.

  
• MTSI Services PMI Composite Indexes: September 2025 (1st Estimate) 2025-09-19 12:00

  

  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.

  
• MTSI Services PMI Composite Indexes: August 2025 (Final) 2025-09-04 12:00

  

  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).

  
• MTSI Services PMI Composite Indexes: August 2025 (2nd Estimate) 2025-08-29 12:00

  

  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).

  
• MTSI Services PMI Composite Indexes: August 2025 (1st Estimate) 2025-08-22 12:00

  

  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) 2025-08-05 12:00
  

  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 (2nd Estimate) 2025-07-25 12:00
  

  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 (1st Estimate) 2025-07-18 12:00
  

  Index	June 2025	July 2025
  General PMI	-1.12	-1.08
  Activity	-1.41	-1.34
  Revenue	-1.36	-1.36
  New Orders	-1.92	-1.92
  Employment	-1.07	-0.86
  Prices Paid	0.33	0.29
  Prices Received	-0.27	-0.03
  Wages	-0.85	-0.64

  With one new data point for July, the MTSI Services PMI Composite Index improved slightly from -1.12 to -1.08.

  • The Activity index is the highest since February, rising to -1.34.
  • The Revenue and New Orders indexes both remained weak, staying unchanged at -1.36 and -1.92, respectively.
  • Employment bounced back slightly, up to -0.86, and sliding wage pressures recovered slightly to -0.64.
  • No major changes in price pressures. The Prices Received index basically moved in line with normal conditions.

  
• MTSI Services PMI Composite Indexes: June 2025 (Final) 2025-07-03 12:00
  

  Index	May 2025	June 2025
  General PMI	-0.90	-1.13
  Activity	-1.58	-1.42
  Revenue	-1.25	-1.37
  New Orders	-1.86	-1.95
  Employment	-0.52	-1.08
  Prices Paid	0.25	0.33
  Prices Received	-0.21	-0.27
  Wages	-0.47	-0.85

  The MTSI Services PMI Composite Index dropped from -0.90 in May to -1.13 in June with all services PMIs reporting.

  • Revenue and New Orders both deteriorated in June with the latter close to 2 standard deviations below its series mean.
  • The decline in Employment has sharpened from -0.52 in May to -1.08 in June.
  • Prices Paid (slightly higher) and Prices Received (slightly lower) are diverging which may signal a weakening in service firms ability to pass on input cost inflation.
  • Wage growth has weakened further in June with the index dropping since January 2021.

  
• MTSI Services PMI Composite Indexes: June 2025 (2nd Estimate) 2025-06-27 12:00
  

  Index	May 2025	June 2025
  General PMI	-0.90	-1.19
  Activity	-1.58	-1.55
  Revenue	-1.24	-1.38
  New Orders	-1.86	-1.98
  Employment	-0.52	-1.02
  Prices Paid	0.25	0.33
  Prices Received	-0.21	-0.30
  Wages	-0.47	-0.84

  The MTSI Services PMI Composite Index dropped from -0.90 in May to -1.19 in June with 6/8 services PMIs reporting.

  • Revenue and New Orders both deteriorated in June with the latter close to 2 standard deviations below its series mean.
  • Employment was only slightly lower in the first June reading (-0.59), but it has fallen to -1.02 with more data.
  • Prices Paid and Prices Received are diverging which may signal a weakening in service firms ability to pass on input cost inflation.

  
• MTSI Services PMI Composite Indexes: June 2025 (1st Estimate) 2025-06-20 12:00
  

  Index	May 2025	June 2025
  General PMI	-0.95	-0.92
  Activity	-1.58	-1.52
  Revenue	-1.25	-1.25
  New Orders	-1.87	-1.87
  Employment	-0.53	-0.59
  Prices Paid	0.25	0.40
  Prices Received	-0.21	-0.20
  Wages	-0.47	-0.68

  The MTSI Services PMI Composite Index was mostly unchanged at -0.92 in June with just one services PMI reporting June data.

  • The biggest changes were in Prices Paid, up 15 bps to 0.40, and Wages, down -21 bps to -0.68.