Latest Updates

• 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.

  
• MTSI Services PMI Composite Indexes: May 2025 (Final) 2025-06-06 12:00
  

  Index	April 2025	May 2025
  General PMI	-1.83	-0.95
  Activity	-2.09	-1.59
  Revenue	-0.97	-1.26
  New Orders	-1.60	-1.89
  Employment	-1.13	-0.53
  Prices Paid	0.78	0.25
  Prices Received	-0.15	-0.21
  Wages	-0.35	-0.47

  The MTSI Services PMI Composite Index improved from -1.83 in April to -0.95 in May as conditions in the service sector improved from a 5-year low in April.

  • The Activity index improved from a 5-year low around -2.09 to -1.59.
  • However, the Revenue and New Orders indexes both remained low at more than 1 standard deviation below the mean.
  • The surge in the Prices Paid index calmed from 0.77 in April to 0.25 in May as tariff pressures may have relented some in the last month.

  
• MTSI Services PMI Composite Indexes: May 2025 (2nd Estimate) 2025-05-30 12:00
  

  Index	April 2025	May 2025
  General PMI	-1.83	-0.95
  Activity	-2.09	-1.57
  Revenue	-0.97	-1.26
  New Orders	-1.60	-1.85
  Employment	-1.13	-0.55
  Prices Paid	0.78	0.22
  Prices Received	-0.15	-0.21
  Wages	-0.35	-0.47

  The MTSI Services PMI Composite Index improved from -1.83 in April to -0.95 in May as conditions in the service sector improved from a 5-year low in April.

  • The Activity index improved from a 5-year low around -2.09 to -1.57.
  • However, the Revenue and New Orders indexes both remained low at more than 1 standard deviation below the mean.
  • The surge in the Prices Paid index calmed from 0.77 in April to 0.22 in May as tariff pressures may have relented some in the last month.