US ISM Services PMI September 2026
September 3 @ 10:00 am - 11:00 am
US ISM Services PMI September 2026
Next US ISM Services PMI: Thursday, at 10:00 am ET (3:00 pm London).
Date to be confirmed by the publisher; this is the scheduled date.
- Consensus
- Not yet published
- Actual
- Pending
Full schedule and background: US ISM Services PMI.
Updated
The US ISM Services PMI for August 2026 is due at 10:00 am ET (3:00 pm London) on Thursday, September 3, 2026, published by the Institute for Supply Management (ISM). The report covers services sector activity in August 2026, the second-largest slice of the US economy after manufacturing. Full schedule and background: US ISM Services PMI. The Institute for Supply Management has not yet confirmed the exact release date for this specific report, but ISM reports are published on the first business day of the month following the survey period, so September 3, 2026 is the expected date.
What is the ISM Services PMI?
The ISM Services PMI, formally the Services PMI, is a monthly survey of purchasing and supply executives across more than a dozen service industries, including finance, healthcare, retail and transport. Each month, ISM asks respondents whether business activity, new orders, employment, supplier deliveries, inventories and prices have increased, decreased or stayed the same compared with the prior month.
The headline figure is a diffusion index built from these responses. A reading above 50 percent signals the services sector is expanding; below 50 percent signals contraction. Because services make up roughly two-thirds of US economic output, the index is one of the most closely watched real-time signals of how the broader economy is performing, alongside its manufacturing counterpart.
Markets watch it because it arrives quickly, before official government data such as GDP, and because sub-indices like new orders and employment often hint at where growth and hiring are heading in the following months. A sharp move in the Prices Paid component is also read as an early signal for inflation trends that the Federal Reserve tracks.
When is the August ISM Services PMI released?
The report is scheduled for 10:00 am ET (3:00 pm London time) on Thursday, September 3, 2026. It is published by the Institute for Supply Management (ISM) and released via the ISM website and major newswires including PR Newswire. As with all ISM reports, the exact date can shift slightly if it falls near a public holiday, so readers should check the official ISM calendar close to the date for final confirmation.
What is the consensus forecast?
A consensus forecast for the August 2026 reading has not yet been published by major surveys such as Reuters or Bloomberg at the time of writing. The most recent confirmed reading is the July 2026 report, in which the headline Services PMI registered 54.1 percent, up 0.1 percentage point from June’s 54.0 percent, according to the ISM Services PMI Report. That marked the 25th consecutive month of expansion.
| Measure | Prior (July 2026) | Consensus (August 2026) |
|---|---|---|
| Headline Services PMI | 54.1% | Not yet published |
| Employment Index | 47.4% | Not yet published |
What the result could mean
| Scenario | Likely market read | What it means in plain English |
|---|---|---|
| Above consensus | Read as evidence the services economy is accelerating, which could reduce expectations of near-term Federal Reserve rate cuts if paired with firm prices paid | The services side of the economy, where most jobs sit, is growing faster than expected, which can support wages but also keep borrowing costs higher for longer |
| In line | Likely to have limited market impact on its own, though sub-indices such as employment and prices paid could still move bond and currency markets | The economy is behaving broadly as expected, so there is little reason for lenders or the Fed to change course immediately |
| Below consensus | Could be read as a sign of cooling demand, particularly if new orders or business activity slow, potentially reinforcing bets on rate cuts | Slower growth in services can eventually mean fewer job openings and softer pricing power for businesses, which can filter through to weaker wage growth |
These are possible interpretations, not predictions. Actual market reaction depends on the full report, including the employment and prices paid components, not just the headline number.
Why does this release matter right now?
The services sector has expanded for 25 straight months as of the July 2026 report, but the details beneath the headline have been mixed. The Business Activity Index jumped to 59.1 percent in July from 55.4 percent in June, and New Orders climbed to 57.2 percent from 55.1 percent, according to the ISM Services PMI Report for July. At the same time, the Employment Index fell back into contraction at 47.4 percent, down from 51.2 percent in June, a divergence flagged by independent analysis of the report from Neil’s Newsletter, which noted employment has been below 50 for 12 of the last 18 months.
Prices Paid, a proxy for input cost pressure, rose to 70.3 percent in July from 67.7 percent in June, according to the same analysis. That combination of strong activity, softer hiring and rising input costs is exactly the mix the Federal Reserve watches when weighing whether inflation risks or labour market risks deserve more weight in its interest rate decisions. The 12-month average reading of 53.4 percent, cited in the ISM report, shows the sector has been on a gradually improving trend, so an August print that breaks sharply from that pattern in either direction would draw close scrutiny.
What It Means for Your Money
- Mortgages and borrowing: a strong services report, especially with high prices paid, can reduce the chance of near-term Fed rate cuts, keeping US mortgage and loan rates higher for longer. A weak report has the opposite effect and can pull mortgage rates down.
- Savings: higher-for-longer interest rate expectations tend to support returns on savings accounts and money market funds in the US, while a weaker report can see savings rates drift lower over time as rate cut expectations build.
- Jobs and wages: the Employment Index is a genuine early signal for the services sector, which employs the majority of US workers. Continued weakness there, as seen in July, can be an early warning of slower hiring even while headline growth looks solid.
- Prices: the Prices Paid Index feeds into expectations for consumer inflation. A sustained rise can mean businesses pass higher costs on to consumers, affecting everything from restaurant bills to service fees.
- Investments, pensions and currencies: US equity and bond markets often move on ISM releases, which can ripple into pension funds holding US assets worldwide. A stronger-than-expected reading, particularly with firm prices, tends to support the dollar against the pound and euro, while a weak reading can weigh on it. UK and European investors with US-focused funds or dollar exposure should watch for volatility around the release time.
Related events
- ISM Manufacturing PMI, typically released a few business days before the Services PMI each month
- US nonfarm payrolls report, usually released the first Friday of the month, shortly after the Services PMI
- Federal Reserve interest rate decisions, which weigh services sector data alongside inflation and labour market reports
Frequently Asked Questions
What time is the ISM Services PMI released?
The report is released at 10:00 am ET, which is 3:00 pm in London, on the first business day of the month following the survey period.
How do I read the ISM Services PMI number?
A reading above 50 percent indicates the services sector is expanding compared with the prior month, while a reading below 50 percent indicates contraction. The further from 50, the stronger the signal.
How does this release affect interest rates?
The Federal Reserve monitors services sector activity and prices paid as part of its assessment of economic growth and inflation pressure, which can influence the timing of interest rate decisions.
Where can I find the official ISM Services PMI release?
The official report is published on the Institute for Supply Management’s website and distributed via newswires such as PR Newswire at the time of release.
When is the next ISM Services PMI report after this one?
The following report, covering September 2026 data, is expected on the first business day of October 2026, following ISM’s usual publication schedule.