ISM Services PMI Oct: Results, market reaction, and key takeaway
October ISM Services PMI eased to 54.5 from 54.9 in September, remaining in expansion. Business activity slowed to 53.8 and new orders to 55.9; employment improved to 51.4. Prices paid eased to 73.0 from 74.0.
📊 Results
Actual Reading
💡 Key Takeaway
Services demand kept expanding at a slower pace while input prices remained elevated. Reported computer and memory shortages matter for AI infrastructure costs; the aggregate survey does not isolate AI demand or establish a change in long-run productivity-led disinflation.
📖 Why This Matters
Services demand, hiring, and prices frame enterprise AI spending and the rate outlook for growth equities.
ISM Services PMI Oct actual vs expected
| Release date | Wednesday, November 4, 2026 at 10:00 ET |
|---|---|
| Event type | ISM |
| Actual | 54.5index |
| Prior | 54.9index |
📚 Related calendar tools and guides
🔗 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.