MTSI Services PMI Composite Indexes

Index	Jan 2026 (Final)	Feb 2026 (1st; 4/8)	Feb 2026 (2nd; 6/8)	Feb 2026 (Final; 8/8)
General PMI	-0.34	-0.71	-0.69	-0.58
Activity	-0.44	-1.01	-1.01	-1.00
Revenue	-0.47	-1.00	-0.81	-0.81
New Orders	-0.61	-1.36	-1.36	-1.32
Employment	-0.78	-1.02	-1.05	-1.04
Prices Paid	0.35	0.47	0.33	0.30
Prices Received	0.31	0.57	0.36	0.36
Wages	-0.21	-0.34	-0.46	-0.46

Index	Jan 2026 (Final)	Feb 2026 (1st; 4/8)	Feb 2026 (2nd; 6/8)
General PMI	-0.37	-0.71	-0.69
Activity	-0.44	-1.01	-1.01
Revenue	-0.47	-1.00	-0.81
New Orders	-0.61	-1.36	-1.36
Employment	-0.78	-1.02	-1.05
Prices Paid	0.35	0.47	0.33
Prices Received	0.31	0.57	0.36
Wages	-0.21	-0.34	-0.46

Index	Jan 2026 (Final)	Feb 2026 (1st; 4/8)
General PMI	-0.37	-0.71
Activity	-0.44	-1.01
Revenue	-0.47	-1.00
New Orders	-0.61	-1.36
Employment	-0.78	-1.02
Prices Paid	0.35	0.47
Prices Received	0.31	0.57
Wages	-0.21	-0.34

Index	Dec 2025 (Final)	Jan 2026 (1st; 3/8)	Jan 2026 (2nd; 6/8)	Jan 2026 (Final; 8/8)
General PMI	-0.94	-0.67	-0.37	-0.37
Activity	-1.08	-0.58	-0.45	-0.45
Revenue	-0.83	-0.68	-0.48	-0.48
New Orders	-0.97	-0.74	-0.59	-0.62
Employment	-0.98	-0.80	-0.77	-0.79
Prices Paid	0.60	0.40	0.33	0.35
Prices Received	0.16	0.31	0.31	0.31
Wages	-0.45	-0.31	-0.22	-0.22

Index	Dec 2025 (Final)	Jan 2026 (1st; 3/8)	Jan 2026 (2nd; 6/8)
General PMI	-0.94	-0.67	-0.37
Activity	-1.07	-0.58	-0.45
Revenue	-0.83	-0.68	-0.48
New Orders	-0.96	-0.74	-0.59
Employment	-0.97	-0.80	-0.77
Prices Paid	0.59	0.40	0.33
Prices Received	0.16	0.31	0.31
Wages	-0.45	-0.31	-0.22

Index	Dec 2025 (Final)	Jan 2026 (1st; 3/8)
General PMI	-0.91	-0.67
Activity	-1.04	-0.58
Revenue	-0.82	-0.68
New Orders	-0.95	-0.74
Employment	-0.97	-0.80
Prices Paid	0.58	0.40
Prices Received	0.15	0.31
Wages	-0.45	-0.31

Index	Nov 2025 (Final)	Dec 2025 (1st; 3/8)	Dec (2nd; 6/8)	Dec (Final; 8/8)
General PMI	-0.86	-0.82	-0.85	-0.86
Activity	-0.58	-0.55	-0.94	-0.95
Revenue	-0.80	-0.61	-0.73	-0.68
New Orders	-0.52	-0.52	-0.87	-0.83
Employment	-1.42	-1.19	-0.89	-0.92
Prices Paid	0.27	0.50	0.61	0.58
Prices Received	0.06	0.22	0.15	0.18
Wages	-0.15	-0.39	-0.37	-0.43

Index	Nov 2025 (Final)	Dec 2025 (1st; 3/8)	Dec (2nd; 6/8)
General PMI	-0.86	-0.82	-0.85
Activity	-0.58	-0.55	-0.94
Revenue	-0.80	-0.61	-0.73
New Orders	-0.52	-0.52	-0.87
Employment	-1.42	-1.19	-0.89
Prices Paid	0.27	0.50	0.61
Prices Received	0.06	0.22	0.15
Wages	-0.15	-0.39	-0.37

Index	Nov 2025 (Final)	Dec 2025 (1st; 3/8)
General PMI	-0.89	-0.82
Activity	-0.58	-0.55
Revenue	-0.80	-0.61
New Orders	-0.52	-0.52
Employment	-1.42	-1.19
Prices Paid	0.27	0.50
Prices Received	0.06	0.22
Wages	-0.15	-0.39

Index	October 2025	November 2025
General PMI	-0.54	-0.89
Activity	-1.17	-0.58
Revenue	-1.28	-0.80
New Orders	-1.46	-0.52
Employment	-1.50	-1.42
Prices Paid	0.42	0.27
Prices Received	0.20	0.06
Wages	-0.44	-0.15

The MTSI Services PMI General PMI Composite Index fell to -0.89 in November, down from -0.54 in October, unchanged from the 2nd estimate of -0.89, with 8 out of 8 PMIs reported.

The Activity index improved to -0.58 (from -1.17), indicating a smaller contraction than in October but still signaling subdued output conditions.
Revenue strengthened to -0.80 (from -1.28), showing a moderate easing in the pace of decline compared with the prior month.
New Orders rose to -0.52 (from -1.46), marking the largest improvement among the forward-looking components, though demand remained negative overall.
Employment stayed deeply negative at -1.43 (vs -1.50), pointing to continued labor market softness in services.
Prices Paid eased to 0.27 (from 0.42), suggesting cost pressures moderated for a second month to the lowest level since May.
Prices Received slipped to 0.06 (from 0.20), indicating weaker pricing power for firms heading into year-end.
Wage growth improved slightly but remained subdued at -0.15 (from -0.44), consistent with softer hiring conditions.

Index	October 2025	November 2025
General PMI	-0.54	-0.89
Activity	-1.17	-0.58
Revenue	-1.28	-0.80
New Orders	-1.46	-0.50
Employment	-1.50	-1.43
Prices Paid	0.42	0.32
Prices Received	0.20	0.05
Wages	-0.44	-0.15

The MTSI Services PMI General PMI Composite Index fell to -0.89 in November, down from -0.54 in October, revised down from the 1st estimate of -0.53, with 7 out of 8 PMIs reported.

The Activity index improved to -0.58 (from -1.17), indicating a smaller contraction than in October but still signaling subdued output conditions.
Revenue strengthened to -0.80 (from -1.28), showing a moderate easing in the pace of decline compared with the prior month.
New Orders rose to -0.50 (from -1.46), marking the largest improvement among the forward-looking components, though demand remained negative overall.
Employment stayed deeply negative at -1.43 (vs -1.50), pointing to continued labor market softness in services.
Prices Paid eased to 0.32 (from 0.42), suggesting cost pressures moderated for a second month.
Prices Received slipped to 0.05 (from 0.20), indicating weaker pricing power for firms heading into year-end.
Wage growth improved slightly but remained subdued at -0.15 (from -0.44), consistent with softer hiring conditions.

Index	October 2025	November 2025
General PMI	-0.54	-0.53
Activity	-1.17	-1.13
Revenue	-1.28	-1.26
New Orders	-1.45	-1.45
Employment	-1.49	-1.83
Prices Paid	0.42	0.28
Prices Received	0.20	-0.18
Wages	-0.44	-0.40

The MTSI Services PMI General PMI Composite Index improved slightly to -0.53 in November, up from -0.54 in October, with 3 out of 8 PMIs reported.

The Activity, Revenue, and New Orders indexes all fell after a brief improvement in August, suggesting operating conditions continue to be volatile for services firms but broadly weak.
The Employment index has dropped to another new post-pandemic low, down from -1.13 in September to -1.49 in October and -1.83 in November.
The price indexes dropped to their lowest points since Q2, with Prices Paid down -0.14 ppts to 0.28 and Prices Received down -0.38 ppts to -0.18.
Wage growth remains weaker than normal, with the Wage index mostly unchanged at -0.40.

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MTSI Services PMI Composite Indexes

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