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Services PMI fell to 54.4 in February 2026, down 10.1 from January's 64.5 reading. The reading missed the 62.6 consensus by 8.2. Services PMI has now declined for 3 consecutive months. Over the past 3 months, Services PMI averaged 66.2, vs 56.88 in the prior 3-month window. The reading is in the 12th percentile of the trailing 24-month range.
The March 2026 reading fell from the previous value of 64.5. Historically, this indicator is negatively correlated with EUR/USD (Bearish EUR) and negatively correlated with GBP/USD (Bearish GBP).
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