États-Unis PMI non industrielles

The ISM Services PMI declined to 49.9 in May 2025 from 51.6 in April and well below market expectations of 52. The reading signalled a modest contraction in the US services sector, marking the first decline in activity since June of the previous year, amid growing tariffs uncertainty. Production stalled (50 vs 53.7) and new orders (46.4 vs 52.3) and inventories (49.7 vs 53.4) contracted and backlogs of orders shrink faster (43.4 vs 48). Also, price pressures intensified to the highest since November 2022 (68.7 vs 65.1), likely impacted by tariffs. Meanwhile, supplier deliveries (52.5 vs 51.3) slowed and employment rebounded (50.7 vs 49). "Respondents continued to report difficulty in forecasting and planning due to longer-term tariff uncertainty and frequently cited efforts to delay or minimize ordering until impacts become clearer”, Steve Miller, Chair of the Institute for Supply Management Services Business Survey Committee said.