The ISM Services PMI fell to 54.9 in September 2026 from 55.4 in August, compared with expectations of 55. The index nevertheless remained in expansion territory for a 27th consecutive month, indicating continued growth in the US services sector. Business activity eased more noticeably, with the Business Activity Index dropping to 56.5 from 61.7, while new orders also moderated to 59.8. Employment improved, moving back above the 50 threshold to 50.1 after two months of contraction. Supplier deliveries slowed, with the corresponding index rising to 53.2, while backlogs strengthened to 56.6, their highest level since July 2022. Price pressures remained a major concern, with the Prices Index climbing to 74, its highest since July 2022 and above 70 for the sixth time in seven months. Export orders weakened sharply, falling below 50 for the first time in eight months. Tariffs, fuel costs and supply-chain constraints remained key concerns for businesses. source: Institute for Supply Management

Non Manufacturing PMI in the United States decreased to 54.90 points in September from 55.40 points in August 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 54.90 points in September from 55.40 points in August of 2026. Non Manufacturing PMI in the United States is expected to be 52.90 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 56.50 61.70 points Sep 2026
ISM Services Employment 50.10 47.80 points Sep 2026
ISM Services New Orders 59.80 60.90 points Sep 2026
ISM Services Prices 74.00 72.60 points Sep 2026

Related Last Previous Unit Reference
ISM Manufacturing PMI 55.50 54.50 points Oct 2026
Dallas Fed Services Index 4.00 -1.80 points Oct 2026
NY Fed Services Activity Index -20.70 -8.70 points Oct 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 Growth Eases as Price Pressures Intensify
The ISM Services PMI fell to 54.9 in September 2026 from 55.4 in August, compared with expectations of 55. The index nevertheless remained in expansion territory for a 27th consecutive month, indicating continued growth in the US services sector. Business activity eased more noticeably, with the Business Activity Index dropping to 56.5 from 61.7, while new orders also moderated to 59.8. Employment improved, moving back above the 50 threshold to 50.1 after two months of contraction. Supplier deliveries slowed, with the corresponding index rising to 53.2, while backlogs strengthened to 56.6, their highest level since July 2022. Price pressures remained a major concern, with the Prices Index climbing to 74, its highest since July 2022 and above 70 for the sixth time in seven months. Export orders weakened sharply, falling below 50 for the first time in eight months. Tariffs, fuel costs and supply-chain constraints remained key concerns for businesses.
2026-10-05
US Services Growth Accelerates
The ISM Services PMI rose to 55.4 in August 2026 from 54.1 in July, beating forecasts of 54.3. The reading pointed to the strongest gain in the services sector in six months, with business activity (61.7 vs 59.1), new orders (60.9 vs 57.2), inventories (56.7 vs 51.4) all rising at a faster pace. Backlog of orders also went up (55.6 vs 50.9), with some respondents attributing it to low staffing levels at their companies. On the other hand, employment contracted for a second month (47.8 vs 47.4) and price pressures intensified to a four-year high (72.6 vs 70.3), with petroleum-related products, diesel, and gasoline reported as up in price in August. Meanwhile, the supplier deliveries index continued to indicate slower performance (51.3 vs 52.8). “Tariffs and the Middle East conflict returned as the most cited issues impacting respondents’ supply chains", according to Steve Miller, Chair of the ISM Services Business Survey Committee.
2026-09-03
US Services Growth Below Forecasts in July
The ISM Services PMI in the US edged up to 54.1 in July 2026 from 54 in June, slightly below forecasts of 54.5, while continuing to point to expansion in the services sector. Business activity (59.1 vs 55.4), new orders (57.2 vs 55.1) and inventories (51.4 vs 51.2) increased faster but employment returned to contraction territory after only one month in expansion (47.4 vs 51.2). In addition, price pressures increased (70.3 vs 67.7), with petroleum-related products and plastics again reported as commodities up in price, although the number of commodities reported as down in price increased to six, up from three the previous month. Backlog of orders (50.9 vs 54.9) and supplier deliveries (52.8 vs 54.4) slowed. “Tariff impacts and the Middle East conflict continued to be mentioned by respondents, but much less frequently than in prior reports. The World Cup was again cited in the comments regarding increased business activity and new orders”, according to Steve Miller, Chair of the ISM.
2026-08-05