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US Services PMI Steadies: ISM
The ISM Services PMI for the US steadied at 53.8 in January 2026, the same as a downwardly revised 53.8 in December and better than forecasts of 53.5. The reading pointed to another robust expansion in the services sector, with a faster increase seen for business activity/production (57.4 vs 55.2) while new orders (53.1 vs 56.5), employment (50.3 vs 51.7) and supplier deliveries (54.2 vs 51.8) slowed. Inventories (45.1 vs 54.2) and backlog of orders (44 vs 42.6) remained in contraction but price pressures increased (66.6 vs 65.1). "There was more respondent commentary in January on tariff impacts and uncertainty, potentially the result of annual contract renewals and geopolitical tensions. Gasoline and diesel fuel continued to be cited as commodities down in price. With the highest Business Activity and Supplier Deliveries index readings since October 2024, whether pricing increases will stick or expand needs to be closely watched”, according to Steve Miller, Chair of the ISM.
Published on 2026-02-04

US Services PMI Steadies: ISM
The ISM Services PMI for the US steadied at 53.8 in January 2026, the same as a downwardly revised 53.8 in December and better than forecasts of 53.5. The reading pointed to another robust expansion in the services sector, with a faster increase seen for business activity/production (57.4 vs 55.2) while new orders (53.1 vs 56.5), employment (50.3 vs 51.7) and supplier deliveries (54.2 vs 51.8) slowed. Inventories (45.1 vs 54.2) and backlog of orders (44 vs 42.6) remained in contraction but price pressures increased (66.6 vs 65.1). "There was more respondent commentary in January on tariff impacts and uncertainty, potentially the result of annual contract renewals and geopolitical tensions. Gasoline and diesel fuel continued to be cited as commodities down in price. With the highest Business Activity and Supplier Deliveries index readings since October 2024, whether pricing increases will stick or expand needs to be closely watched”, according to Steve Miller, Chair of the ISM.
Published on 2026-02-04

US Services PMI Steadies: ISM
The ISM Services PMI for the US steadied at 53.8 in January 2026, the same as a downwardly revised 53.8 in December and better than forecasts of 53.5. The reading pointed to another robust expansion in the services sector, with a faster increase seen for business activity/production (57.4 vs 55.2) while new orders (53.1 vs 56.5), employment (50.3 vs 51.7) and supplier deliveries (54.2 vs 51.8) slowed. Inventories (45.1 vs 54.2) and backlog of orders (44 vs 42.6) remained in contraction but price pressures increased (66.6 vs 65.1). "There was more respondent commentary in January on tariff impacts and uncertainty, potentially the result of annual contract renewals and geopolitical tensions. Gasoline and diesel fuel continued to be cited as commodities down in price. With the highest Business Activity and Supplier Deliveries index readings since October 2024, whether pricing increases will stick or expand needs to be closely watched”, according to Steve Miller, Chair of the ISM.
Published on 2026-02-04

US Services Growth Highest Since 2024: ISM
The ISM Services PMI for the US increased for a third consecutive month to 54.4 in December 2025 from 52.6 in November, well above forecasts of 52.3. The reading pointed to the strongest growth in the services sector since October 2024, with all subindexes in expansion territory for the first time since February. Companies frequently mentioned impacts related to the holiday season and activity increases related to end-of-year activities or preparation for 2026. Business activity/production (56 vs 54.5), new orders (57.9 vs 52.9) and inventories (54.2 vs 53.4) rose at a faster pace while a rebound was seen in employment (52 vs 48.9), new export orders (54.2 vs 48.7) and imports (50.3 vs 48.9). Also, price pressures eased slightly (64.3 vs 65.4) and the supplier deliveries index indicated slower performance (51.8 vs 54.1).
Published on 2026-01-07

ISM Services PMI Tops Forecasts
The ISM Services PMI for the US edged up to 52.6 in November 2025 from 52.4 in October, pointing to the strongest growth in the services sector in nine months, and above forecasts of 52.1. The continued expansion in both business activity (54.5 vs 54.3) and new orders (52.9 vs 56.2), and the highest backlog of orders since February (49.1 vs 40.8) are positive signs of an emerging recovery for the services sector. On the downside, tariffs and the government shutdown continue to be noted by companies as impacting both demand and costs. Employment remained in contraction (48.9 vs 48.2) while the highest supplier deliveries figure since October 2024 (54.1 vs 50.8) indicates slower deliveries by suppliers, likely due to air traffic disruptions from the government shutdown and customs impacts related to changing tariffs. Meanwhile, price pressures eased (65.4 vs 70).
Published on 2025-12-03

US Services Activity Rises the Most in 9-Months
The ISM Services PMI for the US edged up to 52.6 in November 2025 from 52.4 in October, pointing to the strongest growth in the services sector in nine months, and above forecasts of 52.1. The continued expansion in both business activity (54.5 vs 54.3) and new orders (52.9 vs 56.2), and the highest backlog of orders since February (49.1 vs 40.8) are positive signs of an emerging recovery for the services sector. On the downside, tariffs and the government shutdown continue to be noted by companies as impacting both demand and costs. Employment remained in contraction (48.9 vs 48.2) while the highest supplier deliveries figure since October 2024 (54.1 vs 50.8) indicates slower deliveries by suppliers, likely due to air traffic disruptions from the government shutdown and customs impacts related to changing tariffs. Meanwhile, price pressures eased to the lowest in seven months (65.4 vs 70).
Published on 2025-12-03

ISM Services PMI at 9-Month High
The ISM Services PMI for the US edged up to 52.6 in November 2025 from 52.4 in October, pointing to the strongest growth in the services sector in nine months, and above forecasts of 52.1. The continued expansion in both business activity (54.5 vs 54.3) and new orders (52.9 vs 56.2), and the highest backlog of orders since February (49.1 vs 40.8) are positive signs of an emerging recovery for the services sector. On the downside, tariffs and the government shutdown continue to be noted by companies as impacting both demand and costs. Employment remained in contraction (48.9 vs 48.2) while the highest supplier deliveries figure since October 2024 (54.1 vs 50.8) indicates slower deliveries by suppliers, likely due to air traffic disruptions from the government shutdown and customs impacts related to changing tariffs. Meanwhile, price pressures eased to the lowest in seven months (65.4 vs 70).
Published on 2025-12-03

US Services Activity Rises the Most in 9-Months
The ISM Services PMI for the US edged up to 52.6 in November 2025 from 52.4 in October, pointing to the strongest growth in the services sector in nine months, and above forecasts of 52.1. The continued expansion in both business activity (54.5 vs 54.3) and new orders (52.9 vs 56.2), and the highest backlog of orders since February (49.1 vs 40.8) are positive signs of an emerging recovery for the services sector. On the downside, tariffs and the government shutdown continue to be noted by companies as impacting both demand and costs. Employment remained in contraction (48.9 vs 48.2) while the highest supplier deliveries figure since October 2024 (54.1 vs 50.8) indicates slower deliveries by suppliers, likely due to air traffic disruptions from the government shutdown and customs impacts related to changing tariffs. Meanwhile, price pressures eased to the lowest in seven months (65.4 vs 70).
Published on 2025-12-03

US ISM Services PMI Highest since February
The ISM Services PMI rose to 52.4 in October 2025 from 50 in September, beating forecasts of 50.8, pointing to the strongest expansion in the services sector since February. Both business activity (54.3 vs 49.9) and new orders (56.2 vs 50.4) rebounded while the continued contraction in employmet (48.2 vs 47.2) shows a lack of confidence in the continued strength of the economy. "There was no indication of widespread layoffs or reductions in force, but the federal government shutdown was mentioned several times as impacting business activity and generating concerns for future layoffs", according to Steve Miller, Chair of the ISM. ALso, the backlog of orders index continued its 3-1/2 year declining trend (40.8 vs 47.3) as companies can more than keep up with new orders to reduce backlogs. Price pressures increased (70 vs 69.4) as companies continue to mention the impact of tariffs on prices paid.
Published on 2025-11-05

US Services Activity Stalls in September: ISM
The ISM Services PMI fell to 50 in September 2025 from 52 in August and well below forecasts of 51.7, signalled the services sector activity stalled. Business activity was basically unchanged (49.9 vs 55) while new orders slowed (50.4 vs 56) and inventories moved to contraction (47.8 vs 53.2). In addition, employment (47.2 vs 46.5) continued to be in contraction territory, thanks to a combination of delayed hiring efforts and difficulty finding qualified staff. Backlog of orders also remained in negative territory (47.3 vs 40.4) while price pressures intensified, with the prices index hitting 69.4, the second-highest since October 2022. Meanwhile, the supplier deliveries index (52.6 vs 50.3) indicated the slowest supplier delivery performance since February.
Published on 2025-10-03

US Services Activity Stalls in September: ISM
The ISM Services PMI fell to 50 in September 2025 from 52 in August and well below forecasts of 51.7, signalled the services sector activity stalled. The report showed "weakness in business activity and continued weakness in employment. The recovery in the Backlog of Orders Index to a reading indicating slower contraction was a positive signal, as was continued expansion in the New Orders index. Commentary in general indicated moderate or weak growth, with more isolated observations of supplier delivery challenges. Employment continues to be in contraction territory, thanks to a combination of delayed hiring efforts and difficulty finding qualified staff”, according to Steve Miller, Chair of the ISM Services Business Survey Committee.
Published on 2025-10-03

US Services Activity Stalls in September: ISM
The ISM Services PMI fell to 50 in September 2025 from 52 in August and well below forecasts of 51.7, signalled the services sector activity stalled. Business activity was basically unchanged (49.9 vs 55) while new orders slowed (50.4 vs 56) and inventories moved to contraction (47.8 vs 53.2). In addition, employment (47.2 vs 46.5) continued to be in contraction territory, thanks to a combination of delayed hiring efforts and difficulty finding qualified staff. Backlog of orders also remained in negative territory (47.3 vs 40.4) while price pressures intensified, with the prices index hitting 69.4, the second-highest since October 2022. Meanwhile, the supplier deliveries index (52.6 vs 50.3) indicated the slowest supplier delivery performance since February. Ten industries reported growth in September, two fewer than in August, while the number reporting contraction increased from four to seven.
Published on 2025-10-03

US Services Activity Stalls in September: ISM
The ISM Services PMI fell to 50 in September 2025 from 52 in August and well below forecasts of 51.7, signalling the services sector stalled. Business activity was basically unchanged (49.9 vs 55) while new orders slowed (50.4 vs 56) and inventories moved to contraction (47.8 vs 53.2). In addition, employment (47.2 vs 46.5) continued to be in contraction territory, thanks to a combination of delayed hiring efforts and difficulty finding qualified staff. Also, price pressures intensified, with the prices index hitting 69.4, the second-highest since October 2022. Meanwhile, the supplier deliveries index (52.6 vs 50.3) indicated the slowest supplier delivery performance since February. On the other hand, a positive signal came from a slower contraction in backlog of orders (47.3 vs 40.4). 10 industries reported growth in September, 2 fewer than in August, while the number reporting contraction increased from 4 to 7.
Published on 2025-10-03

US Services Activity Stalls in September: ISM
The ISM Services PMI fell to 50 in September 2025 from 52 in August and well below forecasts of 51.7, signalling the services sector stalled. Business activity was basically unchanged (49.9 vs 55) while new orders slowed (50.4 vs 56) and inventories moved to contraction (47.8 vs 53.2). In addition, employment (47.2 vs 46.5) continued to be in contraction territory, thanks to a combination of delayed hiring efforts and difficulty finding qualified staff. Also, price pressures intensified, with the prices index hitting 69.4, the second-highest since October 2022. Meanwhile, the supplier deliveries index (52.6 vs 50.3) indicated the slowest supplier delivery performance since February. On the other hand, a positive signal came from a slower contraction in backlog of orders (47.3 vs 40.4). 10 industries reported growth in September, 2 fewer than in August, while the number reporting contraction increased from 4 to 7.
Published on 2025-10-03

US ISM Services PMI Tops Estimates
The ISM Services PMI rose to 52 in August 2025 from 50.1 in July, beating forecasts of 51. The reading pointed to the highest expansion in the services sector in six months, driven by faster growth rates for business activity (55 vs 52.6), new orders (56 vs 50.3) and inventories (53.2 vs 51.8). Offsetting these positive indicators, however, are a continued contraction in employment (46.5 vs 46.4), a 16-year low for backlog of orders (40.4 vs 44.3), and elevated prices (69.2 vs 69.9). "Commentary once again was led by respondents’ increasing citations of tariff impacts, with some indication that business activity and imports are being driven by an attempt to get ahead of additional price increases while preparing for the holiday peak season”, Steve Miller, Chair of the ISM Services Business Survey Committee said.
Published on 2025-09-04

US ISM Services PMI Tops Estimates
The ISM Services PMI rose to 52 in August 2025 from 50.1 in July, beating forecasts of 51. The reading pointed to the highest expansion in the services sector in six months, driven by faster growth rates for business activity (55 vs 52.6), new orders (56 vs 50.3) and inventories (53.2 vs 51.8). Offsetting these positive indicators, however, are a continued contraction in employment (46.5 vs 46.4), a 16-year low for backlog of orders (40.4 vs 44.3), and elevated prices (69.2 vs 69.9). "Commentary once again was led by respondents’ increasing citations of tariff impacts, with some indication that business activity and imports are being driven by an attempt to get ahead of additional price increases while preparing for the holiday peak season”, Steve Miller, Chair of the ISM Services Business Survey Committee said.
Published on 2025-09-04

US Services Sector Slows in July: ISM
The ISM Services PMI unexpectedly fell to 50.1 in July 2025 from 50.8 in June, below forecasts of 51.5. The reading showed the services sector nearly stagnated, with seasonal and weather factors having a negative impact on business. A slowdown was seen for business activity/production (52.6 vs 54.2), new orders (50.3 vs 51.3) and inventories (51.8 vs 52.7). Also, price pressures intensified to the highest since October 2022 (69.9 vs 67.5), with the most common topic among survey panelists remaining tariff-related impacts, particularly in commodities. In addition, employment fell faster (46.4 vs 47.2) and remained in contraction territory for the second month in a row and the fourth time in the last five months. Backlog of orders continued to decline (44.3 vs 42.4) and supplier deliveries slowed (51 vs 50.3). Meanwhile, new exports (47.9 vs 51.1) and imports (45.9 vs 51.7) both moved from expansion to contraction, providing signals that tariff tensions are impacting global trade.
Published on 2025-08-05

US Services Sector Returns to Growth: ISM
The ISM Services PMI rose to 50.8 in June 2025 from 49.9 in May, slightly above forecasts of 50.5. The reading showed economic activity in the services sector grew in June after just one month of contraction, although slow growth and economic uncertainty were frequently referenced by respondents. A rebound was seen in business activity/production (54.2 vs 50), new orders (51.3 vs 46.4), inventories (52.7 vs 49.7) and new export orders (51.1 vs 48.5).
Published on 2025-07-03

US Services Sector Returns to Growth: ISM
The ISM Services PMI rose to 50.8 in June 2025 from 49.9 in May, slightly above forecasts of 50.5. The reading showed economic activity in the services sector increased in June after just one month of contraction, although slow growth and economic uncertainty were frequently referenced by firms. A rebound was seen in business activity/production (54.2 vs 50), new orders (51.3 vs 46.4), inventories (52.7 vs 49.7) and new export orders (51.1 vs 48.5). Meanwhile, price pressure eased a bit (67.5 vs 68.7) although price increases impacting costs of operations were mentioned more frequently this month. Middle East tensions were a new subject of comments in June, but there was no indication of related supply chain disruptions. The most common topic among survey panelists continued to be concerns about impacts related to tariffs. In addition, backlog of orders continued its decline (42.4 vs 43.4) and supplier delivery performance slowed again (50.3 vs 52.5).
Published on 2025-07-03

US Services Sector Returns to Growth: ISM
The ISM Services PMI rose to 50.8 in June 2025 from 49.9 in May, slightly above forecasts of 50.5. The reading showed economic activity in the services sector increased in June after just one month of contraction, although slow growth and economic uncertainty were frequently referenced by firms. A rebound was seen in business activity/production (54.2 vs 50), new orders (51.3 vs 46.4), inventories (52.7 vs 49.7) and new export orders (51.1 vs 48.5). Meanwhile, price pressure eased a bit (67.5 vs 68.7) although price increases impacting costs of operations were mentioned more frequently this month. Middle East tensions were a new subject of comments in June, but there was no indication of related supply chain disruptions. The most common topic among survey panelists continued to be concerns about impacts related to tariffs. In addition, backlog of orders continued its decline (42.4 vs 43.4) and supplier delivery performance slowed again (50.3 vs 52.5).
Published on 2025-07-03