USA Markit Services PMI

Description

The Manufacturing Purchasing Managers Index (PMI) captures business conditions in the services industry. The closely followed report, which is released on a monthly basis by Markit Group, is based on primary consultations with managers in the service economy. A reading above 50.0 represents expansion in the services industry, whereas a reading below 50.0 signifies contraction.
Latest Release: 03-12-2014 14:00:00
Next Release: 05-02-2014 14:00:00
Source:Markit Economics
QSS could impact US GDP estimates
Sep 10th, 2014 at 01:32 PM

The outlook on US GDP growth could shift substantially on Thursday after the Commerce Department releases its Quarterly Services Survey, which provides key revenue data for the US service economy. The report has quietly become one of the most closely monitored economic indicators, as it provides the most tangible data on consumer spending.

The first quarter QSS, released on June 11, roiled GDP estimates after it showed healthcare spending was much lower than expected. Healthcare and social assistance revenue declined 2 percent to $549.4 billion. This translated into an annual gain of 2.7 percent. Economists were forecast a much bigger contribution from healthcare following the implementation of the Affordable Care Act.

According to the latest batch of data released last month, the US economy decelerated at an annual rate of 2.1 percent in the first quarter. The previous estimate suggested the economy contracted at an annual rate of 2.9 percent in the first three months of the year.

While another revision to second quarter GDP could materialize after Thursday’s report, analysts say any such changes won’t be nearly as drastic as the first quarter. The US economy was said to have expanded at an annual rate of 4.2 percent in the April to June period, upwardly revised from the advance estimate showing 4 percent growth.

The QSS focuses primarily on the information industry, the professional, scientific, and technical services industry, and the administrative and support and waste management and remediation services industry.

Revenues in the information...