Updated: 04-Feb-26 10:28 ET
Highlights
- The ISM Services PMI checked in at 53.8% in January (Briefing.com consensus: 53.7%), unchanged from a downwardly revised 53.8% (from 54.4%) in December.
- The dividing line between expansion and contraction is 50.0%, so the January reading reflects services sector activity growing at the same pace as the prior month.
- The Business Activity/Production Index increased to 57.4% from 55.2%.
- The New Orders Index dropped to 53.1% from 56.5%.
- The Employment Index fell to 50.3% from 51.7%.
- The Prices Index rose to 66.6% from 65.1%, marking the fourteenth straight month above 60.0%.
- The Supplier Deliveries Index increased to 54.2% from 51.8%.
- The Backlog of Orders Index jumped to 44.0% from 42.6.
- The key takeaway from the report is that activity in the services sector grew at a steady pace in January at the same time prices paid for materials and services increased.
| Category | JAN | DEC | NOV | OCT | SEP |
| Non-Manufacturing ISM index | 53.8 | 53.8 | 52.4 | 52.0 | 50.3 |
| Business Activity | 57.4 | 55.2 | 54.5 | 54.3 | 49.9 |
| New Orders | 53.1 | 56.5 | 52.9 | 56.2 | 50.4 |
| Employment | 50.3 | 51.7 | 48.9 | 48.2 | 47.2 |
| Deliveries (nsa) | 54.2 | 51.8 | 54.1 | 50.8 | 52.6 |
| Inventories (nsa) | 45.1 | 54.2 | 53.4 | 49.5 | 47.8 |
| Exports (nsa) | 45.0 | 54.2 | 48.7 | 47.8 | 46.5 |
| Imports (nsa) | 48.2 | 50.3 | 48.9 | 43.7 | 49.2 |
| Prices Paid | 66.6 | 65.1 | 65.4 | 70.0 | 69.4 |
