ISM Services PMI Apr: 53.6index vs 53.7index expected (below expectations)
ISM Services PMI eased to 53.6 in April from 54.0, narrowly below the 53.7 consensus but still comfortably in expansion. Business activity improved, while new orders cooled sharply and employment stayed in contraction; prices held at a hot 70.7, matching the highest reading since October 2022.
📊 Results
Actual Reading
Market Reaction
💡 Key Takeaway
Services are still expanding, but the composition is not clean: weaker new orders and contracting employment point to softer demand, while fuel-driven prices keep the Fed's inflation problem alive.
📖 Why This Matters
Cinco de Mayo services data: fiesta or siesta for the service economy?
ISM Services PMI Apr actual vs expected
| Release date | Tuesday, May 5, 2026 at 10:00 ET |
|---|---|
| Event type | ISM |
| Actual | 53.6index |
| Expected | 53.7index |
| Prior | 54index |
| Expectation surprise | below expectations |
📚 Related calendar tools and guides
FAQ
What was the ISM Services PMI Apr result?
ISM Services PMI Apr came in at 53.6index versus 53.7index expected, below expectations.
How did markets react to ISM Services PMI Apr?
Risk appetite stayed firm, with the S&P 500 and Nasdaq hitting fresh highs while the 10Y yield dipped to about 4.43% as oil eased.
🔗 Related Events
ISM Manufacturing PMI Feb
Expansion held — PMI 52.4 (vs 52.6 prior). Second straight month above 50 but only the third time in 40 months. Factory gate inflation surged on tariff costs.
ISM Services PMI Feb
Blowout — 56.1 (vs 53.8 prior), highest since July 2022. Beat every single estimate in Bloomberg's survey. Services economy on fire despite everything.
ISM Manufacturing PMI Mar
Manufacturing improved to 52.7 in March from 52.4, beating the 52.0 consensus and marking the best reading since August 2022. Activity stayed in expansion, but supplier delays and tariff-related costs kept the inflation angle alive.