Reports

3/5/2025 - February 2025

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ISM Services PMI: February 2025

The ISM Services PMI increased 0.7 pts to 53.5 in February, above expectations of a slight drop to 52.6.

• Business Activity remained growing moderately, down -0.1 pts to 54.4 while New Order growth quickened, up 0.9 pts to 52.2.

• Employment growth strengthened, up 1.6 pts to 53.9, unlike evidence of a decline in staff numbers in manufacturing.

  

• The Prices index increased 2.2 pts to 62.6 which means that both the services and manufacturing price indexes are above 60. The last time this happened was in July 2022. </aside>

2/5/2025 - January 2025

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ISM Services PMI: January 2025

The ISM Services PMI eased -1.2 pts to 52.8 in January, below expectations of a slight rise to 54.3.

• Both Business Activity and New Orders indexes fell -3.5 pts to 54.5 and -3.1 pts to 51.3 respectively indicating broadly slower activity and demand growth. While new order growth slowed, export order growth was stronger to start 2025 with that index up 1.9 pts to 52.0.
• Despite slower growth in activity and demand, the Employment index increased 1.0 pt to 52.3, the highest since September 2023.
• The Prices index remains elevated at 60.4, but there was a notable easing in price pressures as the index fell -4.0 pts. </aside>

1/7/2025 - December 2024

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ISM Services PMI: December 2024

The ISM Services PMI increased 2.0 pts to 54.1 in December, above expectations of an increase to 53.3. The Business Activity index jumped 4.5 pts to 58.2, outpacing the increase in the New Orders index which increased 0.5 pts to 54.2. Employment continues to increase but at a slightly slower pace at 51.4.

The biggest move was in the Prices index which jumped 6.2 pts to 64.4. Analysts expected the Prices index to actually decline in December to 57.5, but inflationary pressures surged to the worst since February 2023 to end the year.

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