ISM Services PMI Sep: Results, market reaction, and key takeaway
September Services PMI eased to 54.9 from 55.4 in August, remaining in expansion. Business activity slowed to 56.5 and new orders to 59.8, while employment returned to expansion at 50.1. Prices paid rose to 74.0 from 72.6.
📊 Results
Actual Reading
💡 Key Takeaway
Services demand kept expanding, but higher input prices and reported shortages of memory components, computers, and SSDs highlight near-term AI infrastructure constraints. This does not establish a change in the long-run productivity-led disinflation thesis.
📖 Why This Matters
Services activity and prices paid: the bigger half of the economy reports in.
ISM Services PMI Sep actual vs expected
| Release date | Monday, October 5, 2026 at 10:00 ET |
|---|---|
| Event type | ISM |
| Actual | 54.9index |
| Prior | 55.4index |
📚 Related calendar tools and guides
🔗 Related Events
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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.