The ISM Services PMI fell to 54 in March 2026 from 56.1 in February which was the highest since August 2022 and compared to forecasts of 55. The reading pointed to a slowdown in services activity, led by an ease in business activity (53.9 vs 59.9) and the first drop in employment in four months (45.2 vs 51.8). Also, the prices index rose to 70.7, the highest since October 2022 from 63 in February, amid higher oil and fuel costs and the supplier deliveries index indicated slower performance compared to February (56.2 vs 53.9), also unsurprisingly with shipping issues and flight disruptions due to the Middle East conflict and winter weather. Meanwhile, inventories (54.8 vs 56.4) and order backlogs (53.6 vs 55.9) eased while new orders rose faster (60.6 vs 58.6). "The predominant commentary this month was about impacts and adjustments due to the conflict with Iran and the expected flow through of higher oil prices at some point", Steve Miller, Chair of the ISM said. source: Institute for Supply Management

Non Manufacturing PMI in the United States decreased to 54 points in March from 56.10 points in February of 2026. Non Manufacturing PMI in the United States averaged 54.70 points from 1997 until 2026, reaching an all time high of 67.60 points in November of 2021 and a record low of 37.80 points in November of 2008. This page provides the latest reported value for - United States ISM Non Manufacturing PMI - plus previous releases, historical high and low, short-term forecast and long-term prediction, economic calendar, survey consensus and news.

Non Manufacturing PMI in the United States decreased to 54 points in March from 56.10 points in February of 2026. Non Manufacturing PMI in the United States is expected to be 51.50 points by the end of this quarter, according to Trading Economics global macro models and analysts expectations. In the long-term, the United States ISM Services PMI is projected to trend around 53.00 points in 2027, according to our econometric models.


Components Last Previous Unit Reference
ISM Services Business Activity 53.90 59.90 points Mar 2026
ISM Services Employment 45.20 51.80 points Mar 2026
ISM Services New Orders 60.60 58.60 points Mar 2026
ISM Services Prices 70.70 63.00 points Mar 2026

Related Last Previous Unit Reference
ISM Manufacturing PMI 52.70 52.40 points Mar 2026
Dallas Fed Services Index -13.30 -3.20 points Mar 2026
NY Fed Services Activity Index -14.00 -22.60 points Apr 2026


United States ISM Services PMI
The Non-Manufacturing ISM Report On Business® is based on data compiled from purchasing and supply executives nationwide. Survey responses reflect the change, if any, in the current month compared to the previous month. For each of the indicators measured (Business Activity, New Orders, Backlog of Orders, New Export Orders, Inventory Change, Inventory Sentiment, Imports, Prices, Employment and Supplier Deliveries) this report shows the percentage reporting each response, and the diffusion index. An index reading above 50 percent indicates that the non-manufacturing economy in that index is generally expanding; below 50 percent indicates that it is generally declining. Orders to the service producers make up about 90 percent of the US economy.

News Stream
US Services Sector Slows in March
The ISM Services PMI fell to 54 in March 2026 from 56.1 in February which was the highest since August 2022 and compared to forecasts of 55. The reading pointed to a slowdown in services activity, led by an ease in business activity (53.9 vs 59.9) and the first drop in employment in four months (45.2 vs 51.8). Also, the prices index rose to 70.7, the highest since October 2022 from 63 in February, amid higher oil and fuel costs and the supplier deliveries index indicated slower performance compared to February (56.2 vs 53.9), also unsurprisingly with shipping issues and flight disruptions due to the Middle East conflict and winter weather. Meanwhile, inventories (54.8 vs 56.4) and order backlogs (53.6 vs 55.9) eased while new orders rose faster (60.6 vs 58.6). "The predominant commentary this month was about impacts and adjustments due to the conflict with Iran and the expected flow through of higher oil prices at some point", Steve Miller, Chair of the ISM said.
2026-04-06
US Service Sector Growth at Over Three-Year High
The ISM Services PMI for the US climbed to 56.1 in February 2026 from 53.8 in January, beating market expectations of 53.5 and marking the fastest expansion in the sector since August 2022. Growth was driven by a sharp pickup in business activity, with the subindex rising to 59.9 from 57.4, its strongest reading since September 2024. New orders recorded the sharpest rise in 17 months (58.6 vs 53.1), while employment growth accelerated to its strongest level in a year (51.8 vs 50.3). The Supplier Deliveries Index slipped to 53.9 from 54.2, marking a 15th straight month above 50, which signals slower deliveries and solid demand. Meanwhile, the Prices Index fell to 63, its lowest since March 2025, though still above 60, indicating persistent cost pressures.
2026-03-04
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.
2026-02-04