ISM business survey · United States
United States ISM Services PMI
The United States ISM Services PMI is part of the Institute for Supply Management's monthly survey of purchasing managers in the United States: overall activity, or one component such as new orders, employment or prices paid.
- Importance
- Medium
- Released
- Monthly
- Next release
- Currency
- USD · US dollar
- Central bank
- The Federal Reserve
Latest figures
The latest release for SEP, published on 5 October 2026, came in at 54.9, below the consensus of 55, down from 55.4 the time before.
A weaker figure than expected points to slowing activity: the US dollar tends to soften and markets price in lower rates.
Over the last 12 releases it ranged from 52.4 to 56.1, averaging 54.1.
| Released | For | Actual | Consensus | Previous |
|---|---|---|---|---|
| 5 Oct 2026 | SEP | 54.9 | 55 | 55.4 |
| 3 Sep 2026 | AUG | 55.4 | 54.3 | 54.1 |
| 5 Aug 2026 | JUL | 54.1 | 54.5 | 54.0 |
| 6 Jul 2026 | JUN | 54.0 | 54 | 54.5 |
| 3 Jun 2026 | MAY | 54.5 | 53.8 | 53.6 |
| 5 May 2026 | APR | 53.6 | 53.7 | 54.0 |
| 6 Apr 2026 | MAR | 54.0 | 55 | 56.1 |
| 4 Mar 2026 | FEB | 56.1 | 53.5 | 53.8 |
| 4 Feb 2026 | JAN | 53.8 | 53.5 | 53.8 ® |
| 7 Jan 2026 | DEC | 54.4 | 52.3 | 52.6 |
| 3 Dec 2025 | NOV | 52.6 | 52.1 | 52.4 |
| 5 Nov 2025 | OCT | 52.4 | 50.8 | 50.0 |
Why it matters
ISM is the oldest and most watched US business survey. Its headline indexes are released on the first business days of the month and give the first read of the month's economy; the prices component is watched as an early inflation signal and the new-orders component as a guide to the months ahead.
How it is calculated
Purchasing managers answer whether activity is higher, the same or lower than the previous month. The index is the share answering higher plus half the share answering the same.
Diffusion index = % higher + ½ × % same
Above 50 = expanding, below 50 = contractingWhat changes mean
- The distance from 50 matters more than the change: 48 is mild contraction, 45 is serious.
- Prices paid above 60 has usually meant rising goods inflation.
- The services index covers most of the economy and often matters more than manufacturing.
Higher than expected: A stronger figure than expected points to a healthier economy: it usually supports the US dollar and local stocks, and can push bond yields up.
Lower than expected: A weaker figure than expected points to slowing activity: the US dollar tends to soften and markets price in lower rates.
A short history
Purchasing managers' surveys in the US date back to the 1930s; the national survey that became the ISM Report on Business has been published monthly since 1948.
Questions
What is the United States ISM Services PMI?
The United States ISM Services PMI is part of the Institute for Supply Management's monthly survey of purchasing managers in the United States: overall activity, or one component such as new orders, employment or prices paid.
What was the latest United States ISM Services PMI?
54.9 for SEP, published on 5 October 2026 (consensus 55, previous 55.4).
When is the next United States ISM Services PMI?
On Wednesday 4 November 2026 at 15:00 UTC.
Educational content only, not investment advice. Figures are the published results as recorded by our calendar; market reactions described are typical, not guaranteed.