2026-02-04 15:00:00
- Business activity index vs 54.4 prior
- Employment vs 52.0 prior
- New orders vs 57.9 prior
- Prices paid vs 64.3 prior
- Supplier deliveries vs 51.8 prior
- Inventories vs 54.1 prior
- Backlog of orders vs 42.6 prior
- New export orders vs 54.2 prior
- Imports vs 50.3 prior
- Inventory sentiment vs 54.1 prior
ISM services
The December reading was the highest since October 2024.
Earlier, the US S&P Global services final index for January 52.7 compared to the 52.5 prelim reading. On Monday, the ISM manufacturing index jumped by the most since 2020 and the market has taken it to heart with ‘old economy’ stocks rallying all week. It’s something I’ve written about several times and a theme I think is worth thinking about as money rotates out of things like software and into things with lower valuations.
The ISM Services PMI Report, published monthly by the Institute for Supply Management, measures economic activity in the U.S. services sector based on survey responses from purchasing and supply executives nationwide. The headline index, known as the Services PMI, operates on a scale where readings above 50 percent indicate expansion while readings below 50 percent signal contraction. The report tracks key subindexes including Business Activity, New Orders, Employment, and Supplier Deliveries, providing insights into demand conditions, pricing pressures, and labor trends. The services sector accounts for more than two-thirds of U.S. economic activity, making this report a critical indicator of overall economic health.
