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Data from FMP. Forecasts by Sigmanomics Forecast Engine.
United StatesUS Markit Services PMI climbed to 58.9 in March 2022
FMPMonthlyReleased March 2022
US Markit Services PMI climbed to 58.9 in March 2022, up 2.4 from February's 56.5 reading. The print exceeded the 56 consensus by 2.9. Year-over-year, the indicator is down 1.1. Over the past 3 months, Markit Services PMI averaged 54.58, vs 57.34 in the prior 3-month window. Markit Services PMI is now the highest in 7 months.
Latest Release
58.9
Actual
56
Consensus
56.5
Previous
Median Absolute Error
±1.35
across last 12 releases
Last Call
Mar 2022
Predicted: 55.98
Actual: 58.9
Error: -2.92
Sigmacast Σ-direction model: consensus + ½ × mean(surprise, trailing 90d).
CORRELATED SYMBOLS— markets that historically move with this indicator
| Symbol | Direction | Correlation | Asset Class | Signal Bias | Action |
|---|---|---|---|---|---|
| S&P 500 | ▲ Direct | +0.50 | INDEX | Bullish Stocks | → View |
| EUR/USD | ▼ Inverse | −0.45 | FOREX | Bearish EUR | → View |
| USD/JPY | ▲ Direct | +0.40 | FOREX | Bullish USD | → View |
| XAU/USD | ▼ Inverse | −0.35 | COMMODITIES | Bearish Gold | → View |
| BTC/USD | ▲ Direct | +0.30 | CRYPTO | Watch | → View |
Correlation based on 12-month rolling window. Click any symbol to view its Sigmanomics forecast page.
THE RELEASE
Markit Services PMI (United States) was reported at 58.90 in March 2022. This beat the market consensus of 56.00 by 2.90. The reading rose from the previous value of 56.50.
WHY IT MATTERS
The trailing three releases averaged 57.37, up from the prior three at 53.23.
THE MODEL'S TAKE
Historically, this indicator is positively correlated with S&P 500 (Bullish Stocks). A secondary relationship exists with EUR/USD, negatively correlated (Bearish EUR). Over the last 12 releases, the Sigmacast model's median absolute error is 1.35.
WHAT TO WATCH NEXT
Same-country events in the next 14 days include NY Empire State Manufacturing Index (Jun 15) and Industrial Production MoM (Jun 15).
Auto-generated from current model state · Refreshes on each release · Last update March 2022.
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Markit Services PMI - US
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About Markit Services PMI — United States
DEFINITION
Markit Services PMI is a widely recognized financial indicator that measures the performance of the services sector in an economy. It provides valuable insights into the health and growth of the services industry by tracking changes in business activity, new orders, employment, and prices. This data is collected through surveys of purchasing managers in various service-based companies, making it a reliable and timely indicator of economic trends. Markit Services PMI is used by investors, businesses, and policymakers to make informed decisions and assess the overall economic outlook.
WHY THIS INDICATOR MATTERS
Sentiment surveys are forward-looking inputs that often lead hard data on output and hiring. Sharp swings can drive cross-asset repricing. Surprises against consensus can drive short-term moves, particularly when the print breaks an established trend. Released monthly.
WHAT CHANGED THIS MONTH
Latest reading (Mar 2022): actual 58.9, consensus 56. Prior reading (Feb 2022): 56.5. Before that (Feb 2022): 56.7.
WHAT'S NEXT
Sigmacast's 1-month forecast points to a similar reading versus the latest print, with the 3-month outlook reinforcing that direction. Both horizons are aligned bullish for this indicator, suggesting a consistent trend signal. Trend-driven dynamics are the primary tailwind in the current projection. This indicator correlates most strongly with S&P 500 (Bullish Stocks, r=0.50) — a useful reference for index-focused traders.