February 2023 ISM® Report On Business®: Services

In February, the Services PMI^® registered 55.1 percent, a 0.1-percentage point decrease compared to the January reading of 55.2 percent. A reading above 50 percent indicates the services sector economy is generally expanding; below 50 percent indicates it is generally contracting. A Services PMI^® above 49.9 percent, over time, generally indicates an expansion of the overall economy. Therefore, the February Services PMI^® indicates the overall economy is growing for the second consecutive month after one month of contraction in December.