ISM Services PMI
Purchasing managers' index for US services businesses; readings above 50 signal expansion. Usually the third business day.
10:00 AM ET · November 2026
This date has now passed. The following dates are in the table below.
- Publisher
- Institute for Supply Management
- Frequency
- Monthly
- Usual time
- 10:00 AM ET
- Importance
- Medium importance
- Official schedule
- Publisher schedule page
Upcoming ISM Services dates 12 scheduled
Source note: Computed (3rd NYSE business day, 10:00 ET); ISM calendar not machine-readable without login. January releases omitted because they do not follow the rule. See the methodology.
Past ISM Services dates
What the ISM Services PMI is
The Services PMI from the Institute for Supply Management (ISM) is a monthly survey of purchasing and supply executives at U.S. services businesses: retailers, finance and insurance, health care, transportation, real estate, utilities, hospitality, professional services and more. It was formerly published as the Non-Manufacturing ISM Report On Business, and some sources still call it the non-manufacturing index.
Services account for the large majority of U.S. economic activity and employment, so this survey covers far more of the economy than its better-known sibling, the ISM Manufacturing PMI.
Respondents sit on ISM’s Services Business Survey Panel, which is spread across industries according to each industry’s contribution to GDP. They report on their U.S. operations only.
Who publishes it and when
ISM releases the Services PMI at 10:00 AM Eastern Time on the third business day of each month, covering the previous month. January is the exception, when it moves to the fourth business day, and dates can shift when the New York Stock Exchange is closed. The report is posted on ISM’s PMI reports page.
How the index works
Like the manufacturing survey, the Services PMI is built from diffusion indexes. Each equals the share of respondents reporting an increase plus half the share reporting no change. A reading above 50 indicates that the services sector is generally expanding; below 50, contracting. The index measures how widespread a change is, not how big it is.
The four components
The headline Services PMI is an equally weighted composite of four indexes:
- Business Activity
- New Orders
- Employment
- Supplier Deliveries
Supplier Deliveries is inverted: a reading above 50 means deliveries are getting slower, which usually reflects stronger demand or supply strain.
Other indexes
The report also includes Prices, Backlog of Orders, New Export Orders, Imports, Inventory Change and Inventory Sentiment. ISM seasonally adjusts Business Activity, New Orders, Prices and Employment.
The Prices index is often the most watched component after the headline. Services make up a large part of consumer inflation measures, and this index is one of the earliest monthly signals of whether services firms are paying more for what they buy.
The 50 line and the wider economy
As with manufacturing, ISM publishes a threshold below 50 above which the Services PMI, sustained over time, has generally been consistent with expanding GDP. ISM updates this threshold periodically, so a reading slightly below 50 does not by itself point to an economic contraction.
How markets commonly react
The Services PMI tends to draw a somewhat larger reaction than its size of coverage might suggest when the market is focused on services inflation or on whether consumer demand is holding up. A strong reading, particularly alongside a high Prices index, is commonly read as supporting higher interest rates and can push Treasury yields up. A weak reading, especially in New Orders or Employment, can stoke growth concerns. As with every indicator, the reaction depends on expectations and on other news, and is not dependable.
Because it arrives two business days after the manufacturing survey, and usually before the jobs report, its Employment index is also read as a rough hint about services hiring, though the two measure different things.
Common misreadings
- Treating the Employment index as a payroll forecast. It is a diffusion index of reported direction, not a headcount.
- Comparing it directly with the manufacturing PMI. The services composite uses four components and a different panel; the two are not built the same way.
- Confusing it with S&P Global’s services PMI. That is a separate survey released on a similar schedule.
Frequently asked questions
When is the ISM Services PMI released?
At 10:00 AM Eastern Time on the third business day of the month, except in January, when it comes out on the fourth business day.
What are the components of the ISM Services PMI?
Business Activity, New Orders, Employment and Supplier Deliveries, weighted equally.
Is the ISM Services PMI the same as the “non-manufacturing index”?
Yes. ISM renamed the report; older sources and some data services still use the non-manufacturing name.
Why does the Services PMI matter more than manufacturing to some traders?
Services make up most of U.S. activity and employment, and services prices are a large part of the inflation picture the Federal Reserve watches.
Explainer updated .
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