ISM Services PMI

Data PMI Services

Source: Institute of Supply Management
Source Link: https://www.ismworld.org/
Frequency: Monthly
Next Release(s): September 3rd, 2025 10:00 AM

Latest Updates

The ISM Services PMI fell to 50.1 in July from 50.8 in June, indicating the sector remains in expansion but with slowing momentum. The index suggests a modest +0.5% annualized GDP growth.
- Business Activity eased -1.6 pts to 52.6, staying in expansion but slowing amid tariff-related buying and weather disruptions.
- New Orders fell -1.0 pt to 50.3, reflecting mixed demand across industries with defense strength but non-defense weakness.
- Employment declined -0.8 pt to 46.4, marking the second consecutive month in contraction as firms face hiring difficulties.
- Prices jumped +2.4 pts to 69.9, hitting the highest level since October 2022 amid broad-based input cost increases.
- Supplier Deliveries rose to 51.0 (+0.7 pts), indicating slightly slower delivery performance for the eighth month straight.
- Inventories edged down -0.9 pts to 51.8, still in expansion but with efforts underway to reduce stockpiles ahead of tariffs.
- Backlogs improved to 44.3 (+1.9 pts) but remained in contraction for the fifth consecutive month.
- New Export Orders dropped -3.2 pts to 47.9, the fourth monthly decline in 2025 amid geopolitical headwinds.
- Imports plunged -5.8 pts to 45.9, falling back into contraction territory on lower demand and rising costs.
- Inventory Sentiment decreased -3.9 pts to 53.2, the lowest since Oct 2024, though still reflecting excess inventory levels.
Source
The ISM Services PMI rose to 50.8 in June from 49.9 in May, signaling a return to expansion in the US services sector after briefly contracting in May.
- New Orders rebounded +4.9 pts to 51.3, driven by domestic demand and companies reshoring operations.
- Business Activity jumped +4.2 pts to 54.2, supported by holiday-related sales and facility-scale operations.
- Employment fell -3.5 pts to 47.2, returning to contraction amid paused hiring and internal backfilling.
- Prices eased -1.2 pts to 67.5 but remained elevated, with widespread cost increases tied to tariffs and wages.
- Backlogs shrank for the fourth straight month (42.4)
- New export orders and imports both returned to expansion, rising 2.6 pts to 51.1 and 3.5 pts to 51.7, respectively.
Source
The ISM Services PMI fell to 49.9 in May from 51.6 in April, indicating the first contraction in the services sector since June 2024.
- New Orders dropped -5.9 pts to 46.4, returning to contraction for the first time since December.
- Business Activity fell -3.7 pts to 50.0, ending a 47-month expansion streak.
- Employment rose +1.7 pts to 50.7, returning to growth after two months of contraction.
- Prices rose +3.6 pts to 68.7, the highest since November 2022 and up 7.8 pts in the past two months.
- Inventories declined -3.7 pts to 49.7, moving back into contraction after one month of growth.
Source
The ISM Services PMI rose to 51.6 in April from 50.8 in March, signaling continued expansion in the services sector for the 10th consecutive month.
- New Orders rose 1.9 pts to 52.3, while Employment improved 2.8 pts to 49.0 but remained in contraction territory.
- Business Activity fell -2.2 pts to 53.7, though still in expansion for the 59th straight month.
- The Prices Index jumped 4.2 pts to 65.1, its highest since Jan 2023, reflecting broad cost pressures across industries.
- Supplier Deliveries edged up 0.7 pts to 51.3, indicating slightly slower delivery times.
- The Backlog of Orders Index remained in contraction at 48.0, and Imports dropped sharply to 44.3, down -8.3 pts.
Source
The ISM Services PMI fell -2.7 pts to 50.8 in March, below expectations of a minor decline to 53.0.
- Business Activity improved 1.5 pts to 55.9, but the New Orders index fell -1.8 pts to 50.4, suggesting demand growth was basically flat.
- Employment dropped -7.7 pts to 46.2, signaling a moderate decline in staffing numbers.
- The Price index fell -1.7 pts to 60.9, remaining above 60 for the fourth straight month.
- The New Export Orders index dropped -6.3 pts to 45.8, the first contraction in four months. Many respondents pointed to a tariffs as an issue impacting them.
Source
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.
Source
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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