ISM services PMI: what the services survey says and how it moves the dollar

The ISM services PMI is the monthly survey of purchasing and supply executives across every US industry outside manufacturing, from retail and finance to health care and construction, published by the Institute for Supply Management. Services cover far more of the US economy than factories do, which gives this survey weight for the growth outlook, and its prices part is read as an early sign of services inflation.

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By Mike. Explanation updated 2 Oct 2026; the dates and moves below update with the research.

ISM services PMI in short

Next release: Not on our calendar yet. It appears once the date is confirmed.
Published by: Institute for Supply Management
When: Monthly, on the third business day of the month, at 10:00 in the morning New York time; in January it comes on the fourth business day. That is 16:00 in Amsterdam for most of the year, and 15:00 in the few weeks when the US and Europe have changed their clocks on different dates.
Currency: US dollar (USD)
Impact: Medium: it moves the currency when it surprises
The line read first: The Services PMI, against the forecast and against 50
Built from: Four equal parts: business activity, new orders, employment and supplier deliveries
Also watched: The Prices Index, an early sign of services inflation
Covers: The month just ended, two business days after the factory survey

What is in the ISM services PMI

ISM asks a panel of purchasing and supply executives outside manufacturing how their business changed from the month before. The panel covers 18 industries, from construction and retail to finance, health care and public administration, weighted by each one's share of GDP.

The headline Services PMI is the average of four indexes with equal weights: business activity, new orders, employment and supplier deliveries. Its older name was the non-manufacturing index, which some calendars still use.

The report also has a Prices Index, which shows whether services firms are paying more for what they buy. Like business activity, new orders and employment, it is seasonally adjusted.

Why the ISM services PMI moves the dollar

A reading above 50 means services activity is generally growing, and below 50 that it is shrinking. Since most American jobs and spending sit in services, the survey says a lot about where the economy as a whole is heading.

Services prices are a large part of the inflation the Fed targets. A jump in the Prices Index can therefore lift US yields and the dollar even when the headline is calm.

Business activity is the closest thing to an output figure in the survey. Employment gives a rough read on hiring in services, which the market sets against the jobs report.

How to read the ISM services PMI against the forecast

Start with the headline against the forecast and against 50. Then check business activity and new orders, which show whether demand is holding up.

Read the Prices Index next, because it can move the dollar on its own. When the headline and prices point in different directions, the first move can reverse once the whole report has been read.

The two ISM reports come two business days apart. The services figure can confirm the picture the factory survey gave, or correct it, and the answers in both are never revised after release.

What the US dollar did on the last release days

Our calendar keeps the exact time of each release since 16 September 2026. The first ISM services PMI after that date will show here with the US dollar's move around it.

For scale: on an ordinary day the US dollar moves 0.23% against the basket from one London opening to the next, either way, on average over the 250 trading days since 14 Oct 2025.

The forecast, the figure itself and what it changed in our view of the currency are in the app, next to the research.

Questions about ISM services PMI

What time is the ISM services PMI released?

At 10:00 in the morning New York time on the third business day of the month, and on the fourth in January. That is 16:00 in Amsterdam for most of the year, and 15:00 in the weeks when the US and Europe change their clocks on different dates.

Is the ISM services PMI the same as the non-manufacturing PMI?

Yes. ISM renamed the report, and older calendars and articles still use the non-manufacturing name. It covers every industry outside manufacturing, including construction, mining and utilities.

Why does the ISM services prices index matter?

It shows whether services firms are paying more for what they buy. Services prices weigh heavily in US inflation, so a surprise in this line can move the dollar even when the headline is in line.

What is a good ISM services PMI number?

Any reading above 50 means services activity is generally expanding. For the market, the forecast matters more than the level: a reading of 52 can disappoint if 54 was expected.

Sources

Institute for Supply Management, Services PMI Report for August 2026 (press release)