US ISM Services PMI October 2026
October 5 @ 10:00 am - 11:00 am
US ISM Services PMI October 2026
Next US ISM Services PMI: Monday, 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 is a monthly survey-based index published by the Institute for Supply Management (ISM) that measures activity across the services sector, which makes up roughly two-thirds of the American economy. The October 2026 release, covering data for September 2026, is expected on Monday, October 5, 2026 at 10:00am ET (3:00pm London). Full schedule and background: US ISM Services PMI.
The Institute for Supply Management has not yet confirmed the exact publication date for this report. ISM typically releases the Services PMI on the third business day of the month following the survey period, so a date of October 5, 2026 is an estimate based on that pattern rather than a confirmed schedule.
What is the ISM Services PMI?
The ISM Services PMI, formally called the Services Purchasing Managers’ Index, is compiled from a survey of purchasing and supply executives at hundreds of service-sector companies, covering industries such as finance, retail, healthcare and real estate. Respondents report whether business activity, new orders, employment and supplier deliveries improved, worsened or stayed the same compared with the previous month.
The headline figure is diffusion-based: a reading above 50 signals expansion in the services sector, while a reading below 50 signals contraction. The further the number sits from 50 in either direction, the faster the pace of change. Because services make up the bulk of US economic output and employment, this index is one of the clearer real-time signals of how the domestic economy is holding up, and it often moves ahead of official government data such as gross domestic product.
Investors, economists and the Federal Reserve all watch the report because it blends activity, prices paid and employment sub-indices into one release. A sharp move in the prices paid component, for example, can shift expectations for inflation and interest rates well before the official Consumer Price Index arrives.
When is the September ISM Services PMI released?
The report covering September 2026 activity is expected to be published on Monday, October 5, 2026 at 10:00am ET (3:00pm London) by the Institute for Supply Management. The release appears on the ISM’s official website and is distributed simultaneously to financial newswires. As noted above, ISM has not formally confirmed this date, and the agency’s usual practice is to publish on the third business day of the month.
What is the consensus forecast?
A consensus forecast for the September 2026 ISM Services PMI has not yet been published. Economist surveys from outlets such as Reuters and Bloomberg typically appear only in the days immediately before the release.
The most recent confirmed reading available is the July 2026 headline index at 54.1, according to data compiled by MacroMicro from ISM releases, indicating the services sector remained in expansion territory. The August 2026 print, due before this October release, was not yet independently verified at the time of writing.
| Measure | Prior (July 2026) | Consensus (September 2026) |
|---|---|---|
| Headline Services PMI | 54.1 | Not yet published |
| Business Activity Index | Not independently verified | Not yet published |
| New Orders Index | Not independently verified | Not yet published |
What the result could mean
| Scenario | Likely market read | What it means in plain English |
|---|---|---|
| Above consensus | Seen as a sign of resilient services demand, which could push back expectations of near-term Federal Reserve rate cuts, as noted by analysts who track ISM releases for signs of persistent inflation pressure in the services sector | The part of the economy where most people work and shop is still growing, which is generally good for jobs but could keep borrowing costs higher for longer |
| In line with consensus | Likely to have limited market impact, with attention shifting to the sub-indices such as prices paid and employment | The economy is behaving broadly as expected, so day-to-day financial conditions such as mortgage rates are unlikely to shift much on this release alone |
| Below consensus | Could be read as an early warning sign of slowing demand, potentially supporting the case for interest rate cuts, according to commentary from economists who watch the services index for signs of a broader slowdown | If services activity is cooling, it can eventually mean slower hiring and, over time, lower interest rates on loans and mortgages |
Why does this release matter right now?
The Federal Reserve has been weighing how quickly to adjust interest rates as it tries to balance a still-resilient labour market against inflation that has been slow to return fully to target. Services sector strength, as reflected in recent ISM readings holding above the 50 expansion threshold, has been one reason policymakers have been able to consider a more measured pace of rate cuts rather than aggressive easing.
Since the prices paid component of the ISM Services PMI often moves ahead of official inflation data, any acceleration in this sub-index tends to draw particular attention from bond markets and from Fed officials assessing whether service-sector cost pressures are easing or reaccelerating.
What It Means for Your Money
- Mortgages and loans: A stronger-than-expected reading can push up expectations for how long the Fed keeps rates elevated, which tends to keep mortgage and other borrowing costs higher for longer. A weaker reading can have the opposite effect over time.
- Savings: Higher-for-longer rate expectations generally support better returns on savings accounts and money market funds, at least in the near term.
- Jobs and wages: The employment sub-index gives an early signal on hiring trends in services industries such as retail, healthcare and finance, sectors that employ a large share of the workforce.
- Prices: The prices paid component offers an early read on cost pressures that can eventually show up in consumer prices, relevant to anyone budgeting for everyday expenses.
- Investments, pensions and currencies: US equity markets, the dollar and, by extension, currencies such as the pound and euro can react to surprises in this data, since shifts in Fed rate expectations ripple through to global bond yields, currency pairs and pension fund valuations in the UK, Europe and Asia.
Related events
- Previous release: US ISM Services PMI, September 2026
- US ISM Manufacturing PMI, typically released a few business days earlier and covering the factory sector
- US nonfarm payrolls report, usually released the same week and closely watched alongside services data for a fuller picture of the labour market
Frequently Asked Questions
What time is the ISM Services PMI released?
The report is expected at 10:00am ET, which is 3:00pm in London, though ISM has not formally confirmed the October 2026 release date.
How do I read the ISM Services PMI number?
A reading above 50 means the services sector is expanding compared with the previous month, while a reading below 50 means it is contracting; the distance from 50 shows the pace of change.
How does this report affect interest rates?
The Federal Reserve monitors the services PMI, particularly its prices paid and employment components, as one input into its assessment of inflation and labour market conditions when setting interest rates.
Where can I find the official ISM Services PMI release?
The Institute for Supply Management publishes the report on its official website, and it is simultaneously distributed to major financial newswires.
When is the next ISM Services PMI released?
The next release typically follows the pattern of publication on the third business day of the following month, though exact dates are confirmed by ISM closer to the time.