Overview
A diffusion index from the Institute for Supply Management covering the services sector, built from business activity, new orders, employment, and supplier deliveries, with 50 as the expansion/contraction line. A monthly read on the services sector — the bulk of US output — typically released on the third business day for the prior month.
Sources & links
Latest release
The Institute for Supply Management (ISM) reported on October 5, 2026, that its Services PMI registered 54.9 percent in September, down 0.5 percentage point from August's 55.4 percent. The reading marked the 27th consecutive month of expansion in the services sector, as any figure above 50 indicates growth.
Key sub-indexes showed Business Activity at 56.5%, New Orders at 59.8%, Employment at 50.1% (recovering into expansion from August's 47.8%), and Supplier Deliveries at 53.2%. ISM Services Business Survey Committee Chair Steve Miller noted that 13 industries reported growth—one more than the prior month—while four reported contraction, one fewer than in August. The September reading sits 0.8 percentage point above the 12-month moving average of 54.1 percent.
The Prices Paid index climbed to 74.0, up 1.4 percentage points from August's 72.6, reaching its highest level since July 2022. ISM noted that fuel prices rose for an eighth consecutive month, petroleum-related products and memory products also continued to advance in price, and the number of commodities reported in short supply increased from six to seven.
Past release articles
The Institute for Supply Management (ISM) reported on September 3, 2026, that the Services PMI for August came in at 55.4%, up 1.3 percentage points from July's reading of 54.1%. This marked the 26th consecutive month of expansion in the services sector.
Among the sub-indexes, the Business Activity Index rose 2.6 percentage points to 61.7%, while the New Orders Index climbed 3.7 percentage points to 60.9%, both reflecting an acceleration in growth. The Employment Index, however, remained in contraction territory for a second straight month at 47.8%, though it edged slightly higher from July's 47.4%.
The Institute for Supply Management (ISM) reported on August 5, 2026, that the U.S. Services PMI reached 54.1 in July, up 0.1 point from June's reading of 54.0. The index has now remained in expansion territory — above the 50-point threshold — for 25 consecutive months.
Within the report, the Business Activity Index rose 3.7 points to 59.1, while the New Orders Index climbed 2.1 points to 57.2. The Employment Index, however, fell sharply by 3.8 points to 47.4, slipping back into contraction after only one month in expansion territory. The Prices Paid Index moved higher to 70.3 from 67.7, indicating increased cost pressures.
ISM Services Business Survey Committee Chair Steve Miller noted that 13 of 18 industries reported expansion in July. The report also indicated that respondent references to tariffs and Middle East conditions were markedly less frequent compared with prior months.
The Institute for Supply Management (ISM) released its June 2026 Services PMI on July 6, 2026, showing a headline reading of 54.0 percent, down 0.5 percentage point from May's 54.5 percent. Despite the slight decline, the index remained in expansion territory for the 24th consecutive month, holding comfortably above the 50-point threshold that separates growth from contraction.
Among the sub-indexes, Business Activity fell 2.3 percentage points to 55.4 percent, and New Orders declined 2.2 percentage points to 55.1 percent, both remaining in expansion. In contrast, the Employment Index rose 3.3 percentage points to 51.2 percent, returning to expansion territory for the first time in four months. ISM Services Business Survey Committee Chair Steve Miller noted that World Cup-related hiring likely contributed to the employment rebound, with nine of 18 service industries — representing more than 58 percent of U.S. GDP — reporting higher staffing levels.
The Prices Index eased to 67.7 percent, falling below 70 percent for the first time since February, though petroleum-related commodities were again the most frequently cited items rising in price. ISM also reported that the number of commodities in short supply increased from five in May to nine in June, with all nine being materials required for data center construction.
The Institute for Supply Management (ISM) reported in early June that its Services PMI registered 54.5 for May 2026, up 0.9 percentage point from 53.6 in April. The reading marked a 23rd consecutive month above the 50 line that separates expansion from contraction.
Among subindexes, Business Activity rose 1.8 points to 57.7, and New Orders climbed 3.8 points to 57.3, pointing to a pickup in demand. The Employment Index, at 47.9, remained in contraction territory.