US ISM Services PMI November 2026
November 4 @ 10:00 am - 11:00 am
US ISM Services PMI November 2026
Next US ISM Services PMI: Wednesday, 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
- Prior
- 54.1% (July 2026)
- Actual
- Pending
Full schedule and background: US ISM Services PMI.
Updated
The US ISM Services PMI for November 2026 is scheduled for release on Wednesday, November 4, 2026 at 10:00 am ET (3:00 pm London time) by the Institute for Supply Management (ISM). The report covers business conditions in the services sector for October 2026, the month immediately before publication. Full schedule and background: US ISM Services PMI.
What is the ISM Services PMI?
The ISM Services Purchasing Managers’ Index, officially called the Services PMI, is a monthly survey of purchasing and supply executives at services companies across the United States, covering sectors such as finance, healthcare, retail, transport and hospitality. Because services make up roughly two-thirds of US economic output, the index is one of the clearest early signals of how the broader economy is faring.
Respondents are asked whether business activity, new orders, employment, and supplier deliveries improved, worsened or stayed the same compared with the previous month. These answers are combined into a headline “composite” index. A reading above 50.0% signals expansion in the services sector; a reading below 50.0% signals contraction. The distance from 50.0% roughly indicates the pace of change, though it is not a precise growth rate.
Markets watch the ISM Services PMI closely because it arrives early in the data calendar, well before official government output figures, and because its sub-indices, particularly the Prices Paid Index and the Employment Index, offer clues on inflation pressure and labour demand that feed directly into Federal Reserve thinking.
When is the October ISM Services PMI released?
The report covering October 2026 activity is expected on Wednesday, November 4, 2026 at 10:00 am ET (3:00 pm in London), published by the Institute for Supply Management on its official website. The ISM has not yet confirmed this exact date; the institute typically publishes the Services PMI on the third business day of the month following the survey period, so early November is the standard pattern for an October reading.
What is the consensus forecast?
A consensus forecast for the October 2026 reading has not yet been published. Forecasts from economists surveyed by outlets such as Reuters and Trading Economics tend to appear in the days immediately before release, once September and other interim data are available.
The most recent confirmed reading available at the time of writing was for July 2026, when the headline index came in at 54.1%, a touch below the 54.5% forecast compiled by economists, according to Investing.com’s economic calendar. That followed a June 2026 reading of 54.0%, reported by Advisor Perspectives.
| Measure | Prior (July 2026) | Consensus (October 2026) |
|---|---|---|
| Headline Services PMI | 54.1% | Not yet published |
| Business Activity Index | Not separately confirmed | Not yet published |
What the result could mean
| Scenario | Likely market read | What it means in plain English |
|---|---|---|
| Above consensus | Could be read as reducing pressure for further Federal Reserve interest rate cuts, potentially supporting the dollar and Treasury yields | The services side of the economy, where most jobs sit, is holding up better than expected |
| In line with consensus | Likely limited market reaction, as the outcome would already be priced in | The services sector is growing at roughly the pace economists expected, so little changes |
| Below consensus | May be read as strengthening the case for rate cuts, which can weigh on the dollar and support equities | Businesses are seeing softer demand or hiring plans, a possible early warning sign for the wider economy |
These are possibilities discussed by market commentators, not predictions. Actual reactions depend on other data released around the same time and on what the Federal Reserve has signalled at its most recent meeting.
Why does this release matter right now?
The services sector has stayed in expansion territory through most of 2026, with the composite index printing above the 50.0% threshold in each of the months tracked by Advisor Perspectives and Investing.com data cited above. The Federal Reserve has been weighing a softening labour market against inflation that remains above its 2% target, and the ISM Services report’s Prices Paid and Employment components are among the inputs policymakers reference when assessing that balance. A run of weaker services readings would add to the debate over further interest rate cuts, while a stronger print could reinforce arguments for a pause.
What It Means for Your Money
- Mortgages and loans: A weak services reading can increase expectations of Fed rate cuts, which may eventually flow through to lower mortgage and borrowing costs in the US, and can influence sentiment around interest rate paths in the UK and eurozone too, since global bond yields move together.
- Savings: If the data pushes rate-cut expectations higher, savings account and fixed-deposit rates in the US could drift lower over time; savers holding dollar-denominated cash may want to watch this.
- Jobs and wages: The Employment Index within the report offers an early read on services hiring intentions, relevant to anyone working in retail, healthcare, finance or hospitality, sectors that make up the bulk of US jobs.
- Prices: The Prices Paid Index tracks input cost pressure for services firms, which can signal whether inflation is likely to ease or persist, affecting the cost of everyday services from insurance to travel.
- Investments, pensions and currencies: Equity markets, particularly shares tied to consumer and business spending, can move on the release, and the dollar often reacts against the pound and euro depending on whether the data shifts rate-cut expectations. Pension funds with US equity or bond exposure can see modest short-term swings in value around the release.
Related events
- Previous ISM Services PMI release: US ISM Services PMI, October 2026
- US ISM Manufacturing PMI, released earlier in the same week each month
- US nonfarm payrolls, typically released the Friday before the ISM Services report
Frequently Asked Questions
What time is the ISM Services PMI released?
The report is expected at 10:00 am ET, which is 3:00 pm in London, on the scheduled release date.
How do I read the ISM Services PMI number?
A reading above 50.0% means the services sector is expanding compared with the prior month; below 50.0% signals contraction. The further from 50.0%, the more pronounced the change.
How does this data affect interest rates?
The Federal Reserve monitors services activity and prices data as part of its assessment of inflation and labour market conditions, so unexpectedly strong or weak readings can shift market expectations for future rate decisions.
Where can I find the official ISM Services PMI release?
The Institute for Supply Management publishes the report directly on its official website, and it is also distributed through financial newswires such as Reuters and Bloomberg.
When is the next ISM Services PMI released after this one?
The following report, covering November 2026 data, is typically published in early December 2026, again around the third business day of the month.