ISM Services PMI Jul: 54.1index vs 54.5index expected (below expectations)
ISM Services PMI ticked up to 54.1 in July from 54.0, missing the 54.5 estimate but staying in expansion for a 25th straight month. Prices paid jumped to 70.3, new orders improved to 57.2, and employment fell back into contraction at 47.4.
📊 Results
Actual Reading
Market Reaction
💡 Key Takeaway
The headline was steady, but the internals were not Goldilocks. Strong orders plus surging input costs argued against an easy dovish pivot, while contracting employment kept labor-market cooling in the frame.
📖 Why This Matters
July services PMI: the bigger part of the economy reports whether consumers are still keeping the machine alive.
ISM Services PMI Jul actual vs expected
| Release date | Wednesday, August 5, 2026 at 10:00 ET |
|---|---|
| Event type | ISM |
| Actual | 54.1index |
| Expected | 54.5index |
| Prior | 54index |
| Expectation surprise | below expectations |
📚 Related calendar tools and guides
FAQ
What was the ISM Services PMI Jul result?
ISM Services PMI Jul came in at 54.1index versus 54.5index expected, below expectations.
How did markets react to ISM Services PMI Jul?
Markets read it as mixed: services demand held up, but the hot prices-paid gauge and weaker employment kept the Fed signal uncomfortable.
🔗 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.