Economic Event · monthly
ISM Services PMI
Source: Institute for Supply Management (ISM)Release: Third business day of monthTime: 10:00 AM ET
The ISM Services PMI covers non-manufacturing sectors, which account for ~70% of US GDP. Released at 10:00 AM ET on the third business day of each month, the format mirrors the Manufacturing PMI with subindices for business activity, new orders, employment, and prices.
ISM Services has become increasingly important as the US economy has become more services-oriented. The services PMI often diverges from manufacturing, services stayed robust during the 2022-2023 manufacturing slowdown, keeping the overall economy expanding. The prices subindex provides an alternative read on services inflation relevant to the Fed's supercore thinking.
Most Recent Release
March 1, 2026→
ISM Services release
53.30
-5.83% vs prior
Why It Matters
ISM Services rarely falls below 50, historical average is ~55. When it does fall below 50, it signals a serious slowdown. The April 2020 reading of 41.8 marked the COVID low; the March 2023 reading of 51.2 (down from 55.1) triggered regional bank crisis concerns.
What to Watch For
- •Headline ISM Services vs 50
- •Business activity subindex
- •New orders
- •Employment
- •Prices, services inflation proxy
Market Reaction Pattern
Given services dominance, ISM Services moves matter more for overall economic read. Hot prices subindex is hawkish for bonds. Weak business activity with hot prices = stagflation signal.
Release Archive(36)
| Release Date | Value | Change vs Prior |
|---|---|---|
| Mar 1, 2026 | 53.30 | -5.83% |
| Feb 1, 2026 | 56.60 | +0.35% |
| Jan 1, 2026 | 56.40 | +6.62% |
| Dec 1, 2025 | 52.90 | +3.73% |
| Nov 1, 2025 | 51.00 | -4.85% |
| Oct 1, 2025 | 53.60 | -2.72% |
| Sep 1, 2025 | 55.10 | -5.33% |
| Aug 1, 2025 | 58.20 | -5.67% |
| Jul 1, 2025 | 61.70 | +1.65% |
| Jun 1, 2025 | 60.70 | +16.28% |
| May 1, 2025 | 52.20 | +0.00% |
| Apr 1, 2025 | 52.20 | -8.42% |
| Mar 1, 2025 | 57.00 | -11.90% |
| Feb 1, 2025 | 64.70 | -9.76% |
| Jan 1, 2025 | 71.70 | -3.11% |
| Dec 1, 2024 | 74.00 | +3.06% |
| Nov 1, 2024 | 71.80 | +1.84% |
| Oct 1, 2024 | 70.50 | +0.57% |
| Sep 1, 2024 | 70.10 | +3.24% |
| Aug 1, 2024 | 67.90 | +2.26% |
| Jul 1, 2024 | 66.40 | -2.64% |
| Jun 1, 2024 | 68.20 | -1.30% |
| May 1, 2024 | 69.10 | -10.49% |
| Apr 1, 2024 | 77.20 | -2.77% |
| Mar 1, 2024 | 79.40 | +3.25% |
| Feb 1, 2024 | 76.90 | -2.66% |
| Jan 1, 2024 | 79.00 | +13.34% |
| Dec 1, 2023 | 69.70 | +13.70% |
| Nov 1, 2023 | 61.30 | -3.92% |
| Oct 1, 2023 | 63.80 | -5.90% |
| Sep 1, 2023 | 67.80 | -2.31% |
| Aug 1, 2023 | 69.40 | -2.94% |
| Jul 1, 2023 | 71.50 | +11.37% |
| Jun 1, 2023 | 64.20 | +8.81% |
| May 1, 2023 | 59.00 | -7.38% |
| Apr 1, 2023 | 63.70 | , |
Related Metrics
Other Economic Events
Consumer Price Index (CPI)
monthly · ~10th-15th of month
Nonfarm Payrolls (NFP)
monthly · First Friday
FOMC Meeting & Rate Decision
8x/year · Varies, 8 scheduled meetings per year
Producer Price Index (PPI)
monthly · Day before or after CPI
Gross Domestic Product (GDP)
quarterly · ~1 month after quarter end (Advance), then 2 revisions
ISM Manufacturing PMI
monthly · First business day of month
Retail Sales
monthly · ~15th of month
Initial Jobless Claims
weekly · Thursday
Get release-day analysis and market reaction framing before consensus forms.