The ISM Services PMI rose to 56.1 in February 2026 (+2.3 pts MoM), the strongest reading since July 2022 and well above the 12-month average of 52.0, signaling faster expansion in U.S. services activity.

• The Business Activity Index increased to 59.9 (+2.5 pts MoM), marking one of the strongest readings since late 2022 and indicating a faster pace of services output growth across industries.

• The New Orders Index climbed to 58.6 (+5.5 pts MoM), remaining firmly in expansion territory and highlighting stronger incoming demand for services.

• The Employment Index rose to 51.8 (+1.5 pts MoM), marking the third consecutive month of expansion and suggesting services sector hiring activity continued to improve modestly.

• The Supplier Deliveries Index eased slightly to 53.9 (-0.3 pts MoM) but remained above 50 for a 15th straight month, indicating deliveries continued to slow as demand remained solid.

• The Prices Index declined to 63.0 (-3.6 pts MoM), its lowest reading since March 2025, though it remained above 60 for a 15th consecutive month, pointing to still-elevated cost pressures despite some easing.

• The Inventories Index jumped to 56.4 (+11.3 pts MoM) from contraction in January, indicating inventory levels increased as firms prepared for expected activity in the coming quarters.

• The Backlog of Orders Index rose sharply to 55.9 (+11.9 pts MoM), moving back into expansion for the first time since February 2025 and reflecting a buildup in outstanding work.

• The New Export Orders Index rebounded to 57.2 (+12.2 pts MoM) and the Imports Index returned to expansion at 51.8 (+3.6 pts MoM), signaling renewed growth in cross-border services demand and input sourcing.