US ISM Services PMI February 2027
February 3, 2027 @ 10:00 am - 11:00 am
US ISM Services PMI February 2027
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, latest verified)
- Actual
- Pending
Full schedule and background: US ISM Services PMI.
Updated
The US ISM Services PMI for January 2027 is scheduled for release on February 3, 2027 at 10:00 am ET (3:00 pm London), published by the Institute for Supply Management (ISM). The report measures activity in the services sector, which accounts for the majority of US economic output, for the month of January 2027. Full schedule and background: US ISM Services PMI.
What is the ISM Services PMI?
The ISM Services Purchasing Managers’ Index, formally called the Services PMI, is a monthly survey of purchasing and supply executives at more than 400 service-sector firms, covering industries such as finance, healthcare, retail, transportation and professional services. Respondents report whether business activity, new orders, employment and supplier deliveries are better, worse or unchanged compared with the previous month.
ISM converts these responses into a diffusion index. A reading above 50 signals that the services sector is expanding; a reading below 50 signals contraction. Because services make up roughly two-thirds of US gross domestic product, this index is one of the clearest early signals of how the broader economy is performing, often arriving weeks before official government data.
Investors, central bankers and businesses watch the report because it combines hard activity signals with a forward-looking prices-paid component, which hints at inflation pressure building in the pipeline. A strong or weak surprise can move Treasury yields, the dollar and equity futures within minutes of release.
When is the January 2027 ISM Services PMI released?
ISM typically publishes the Services PMI on the third business day of the month, covering data from the previous month. Based on this pattern, the January 2027 report is expected on February 3, 2027 at 10:00 am ET (3:00 pm London). The ISM has not yet confirmed the exact date on its official release calendar at the time of writing, so this date should be treated as the standard schedule rather than a confirmed publication slot. The report is published directly by the Institute for Supply Management on its website.
What is the consensus forecast?
A consensus forecast for the January 2027 release has not yet been published. Economists’ polls from providers such as Reuters and Bloomberg are typically released only a few days before the data, so no figure is currently attributable for this specific report.
The most recently verified reading for the headline index was 54.1 in July 2026, according to data compiled by YCharts, up from 50.1 a year earlier. Readers should check the ISM’s own site closer to the release date for the latest confirmed prior-month figure and any published consensus.
| Measure | Prior (latest verified) | Consensus |
|---|---|---|
| Headline Services PMI | 54.1 (July 2026) | Not yet published |
| Prices Paid Index | Not independently verified for this period | Not yet published |
What the result could mean
| Scenario | Likely market read | What it means in plain English |
|---|---|---|
| Above consensus | Could be read as a sign of resilient services demand, potentially supporting a higher-for-longer rate stance from the Federal Reserve | Businesses in services industries are growing faster than expected, which could keep inflation pressures elevated |
| In line with consensus | Likely to have a limited market reaction, since the data confirms existing expectations | The services sector is performing broadly as forecast, with no major surprise for policy or markets |
| Below consensus | May be interpreted as a sign of slowing momentum, which some analysts could view as supportive of earlier interest rate cuts | Services firms are seeing weaker demand or activity than expected, a possible early warning of a broader slowdown |
Recent ISM Services PMI readings
| Month | Headline reading |
|---|---|
| February 2026 | 56.1 |
| March 2026 | 54.0 |
| April 2026 | 53.6 |
| May 2026 | 54.5 |
| June 2026 | 54.0 |
| July 2026 | 54.1 |
Data for this table is drawn from YCharts, which compiles the ISM’s published series. Readers should check the ISM’s own release for the most current figures covering months closer to January 2027, since more recent prints are not yet reflected in this table.
Why does this release matter right now?
The Federal Reserve monitors the ISM Services PMI closely as part of its assessment of underlying demand and inflation pressure, alongside the ISM Manufacturing PMI and the monthly jobs report. Through much of 2025 and into 2026, the index oscillated close to the 50 breakeven line, reflecting a services sector that expanded in some months and edged into contraction in others, according to data from YCharts. By mid-2026 the index had firmed to the mid-50s, suggesting steadier growth.
Markets will be watching whether that firmer trend has continued into early 2027 or whether momentum has faded, particularly in the employment and new orders sub-indices, which feed into expectations for the labour market and future Fed policy decisions.
What It Means for Your Money
- Mortgages and borrowing rates: A stronger-than-expected services reading can push up Treasury yields, which feed into US mortgage rates; a weaker reading can ease them. Borrowers with adjustable-rate products or those shopping for a new mortgage may see rates shift slightly in the days after release.
- Savings rates: If the data shifts expectations for Federal Reserve policy, savings account and money market yields can adjust in the following weeks, since banks price deposits partly off the expected path of the federal funds rate.
- Jobs and wages: The employment component of the survey offers an early signal on hiring intentions in services industries such as retail, healthcare and finance, which can hint at where job openings and wage growth are heading.
- Investments and pensions: Equity markets, including funds commonly held in workplace pensions and retirement accounts, can react to a surprise reading, particularly shares of banks, retailers and other services-heavy sectors.
- Currencies: A surprise in either direction can move the US dollar against the pound, euro and yen, which affects the cost of imported goods, overseas holidays and returns on foreign investments for UK and European savers.
Related events
- US ISM Services PMI, January 2027 release
- US ISM Manufacturing PMI (released the first business day of the month)
- US nonfarm payrolls report (typically released the first Friday of the month)
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 third business day of the month.
How do I read the ISM Services PMI number?
A reading above 50 means the services sector is expanding compared with the previous month; a reading below 50 means it is contracting.
How does this report affect interest rates?
The Federal Reserve uses the report as one gauge of economic momentum and inflation pressure, so a significant surprise can shift market expectations for future rate decisions, though it is only one of many inputs to policy.
Where can I find the official release?
The report is published directly by the Institute for Supply Management on its website at the scheduled release time.
When is the next ISM Services PMI released?
The next report is scheduled for the first business day pattern of the following month, typically the third business day, at 10:00 am ET.