Services PMI® at 54.5%; October 2026 ISM® Services PMI® Report

Business Activity Index at 53.8%; New Orders Index at 55.9%; Employment Index at 51.4%; Supplier Deliveries Index at 56.7%

TEMPE, Ariz., Nov. 4, 2026 /PRNewswire/ -- Economic activity in the services sector continued to expand in October, say the nation's purchasing and supply executives in the latest ISM^® Services PMI^® Report. The Services PMI^® registered 54.5 percent, the 28th consecutive month in expansion territory.

The report was issued today by Steve Miller, CPSM, CSCP, Chair of the Institute for Supply Management^® (ISM^®) Services Business Survey Committee: "In October, the Services PMI^® registered 54.5 percent, a decrease of 0.4 percentage point compared to September's figure of 54.9 percent. The Business Activity Index remained in expansion territory in October, decreasing 2.7 percentage points to 53.8 percent from September's reading of 56.5 percent. The New Orders Index registered 55.9 percent, 3.9 percentage points below September's figure of 59.8 percent. The Employment Index remained in expansion territory for the second month in a row with a reading of 51.4 percent, a 1.3-percentage point increase from the 50.1 percent recorded in September.

"The Supplier Deliveries Index registered 56.7 percent, 3.5 percentage points higher than the 53.2 percent recorded in September. This is the 23rd consecutive month that the index has been in expansion territory, indicating slower supplier delivery performance. (Supplier Deliveries is the only ISM^® PMI^® Reports index that is inversed; a reading of above 50 percent indicates slower deliveries, which is typical as the economy improves and customer demand increases.)

"The Prices Index registered above 70 percent for the seventh time in eight months; the reading of 73 percent in October is 1 percentage point below September's figure of 74 percent. The index has exceeded 60 percent for 23 straight months, and its 12-month average increased by 0.2 percentage point to 69.2 percent, the highest since April 2023.

"The Inventories Index registered 55.4 percent, down 2.4 percentage points from September's figure of 57.8 percent. The Inventory Sentiment Index expanded for the 42nd consecutive month, registering 52.1 percent, up 0.4 percentage point from September's figure of 51.7 percent. The Backlog of Orders Index recorded a ninth straight month in expansion territory, increasing 1.4 percentage points to 58 percent in October from September's reading of 56.6 percent. The New Export Orders returned to expansion territory after one month in contraction, registering 55.2 percent, an increase of 8.3 percentage points from the 46.9 percent recorded in September. The Imports Index recorded a fourth straight month in expansion territory; the figure of 54.2 percent in October is an increase of 1.3 percentage points compared to the 52.9 percent registered in September.

"Fifteen industries indicated growth in October, two more than the previous month, while two reported contraction, two fewer than in September. The October Services PMI^® reading of 54.5 percent is 0.2 percentage point above the 12-month average of 54.3 percent. The uptick of 0.2 percentage point over September's 12-month average of 54.1 percent marks the 10th straight month that figure has increased."

Miller continues, "No commodities were reported as down in price in October, with fuel reported as up in price for a ninth month in a row. Memory products were reported as up in price for the 10th month in a row, and memory components were reported as in short supply. The number of commodities in short supply decreased from seven to three, all related to computer technologies. The Supplier Deliveries Index continued to indicate slower performance, increasing for a second month in a row with an increase to 56.7 percent, 2.5 percentage points above its 12-month average of 54.2 percent.

"The Employment Index (51.4 percent) expanded for its second month in a row and is 2.1 percentage points above its 12-month average of 49.3 percent. The New Orders, Business Activity, and Inventory Sentiment indexes are below their 12-month averages, but for the first time since February 2026, all 10 indexes were in expansion territory.

"Tariffs and fuel cost impacts continued to be the most-cited issues impacting respondents' supply chains, while many respondents indicated they are not yet seeing the full impact of these cost escalations or have not passed them through to customers. This indicates that more pricing pressure is on the way if oil and tariff cost impacts are not mitigated, even if they do not increase from current levels. Commentary on supply chain constraints increased significantly month over month, while the Backlog of Orders Index increased to 58 percent, its highest reading since it registered 58.3 percent in July 2022. The commodities identified as in short supply, however, decreased month over month, from seven to three. The Employment Index's second consecutive reading above 50 percent may indicate help is on the way for slowing supplier deliveries and increasing order backlogs. While the Backlog of Orders index hit its highest level since July 2022, the Supplier Deliveries Index reading in October is the second highest in that timeframe, exceeded only by April 2026 (56.8 percent)."

INDUSTRY PERFORMANCE
The 15 services industries reporting growth in October — listed in order — are: Transportation & Warehousing; Wholesale Trade; Information; Retail Trade; Arts, Entertainment & Recreation; Finance & Insurance; Other Services; Real Estate, Rental & Leasing; Accommodation & Food Services; Agriculture, Forestry, Fishing & Hunting; Utilities; Educational Services; Management of Companies & Support Services; Professional, Scientific & Technical Services; and Public Administration. The two industries reporting a contraction in the month of October are: Construction; and Health Care & Social Assistance.

WHAT RESPONDENTS ARE SAYING

• "Fuel and freight markets continue to exert pressure on distribution cost planning. The continued war in Ukraine and drought in the Midwest along with fuel and fertilizer costs are driving up the cost of wheat (30 percent year-over-year)." [Accommodation & Food Services]
• "Overall demand is sluggish." [Agriculture, Forestry, Fishing & Hunting]
• "Activity remains steady, with a strong backlog of institutional and commercial projects. Material availability has generally improved, though some mechanical and electrical equipment still requires early procurement. Labor shortages and wage pressure continue to impact the market, while higher financing costs are causing owners to closely evaluate project budgets and schedules. Overall outlook remains cautiously positive." [Construction]
• "Purchasing operations continue to be impacted by elevated costs for goods and services, particularly in construction, facilities maintenance, technology and contracted services. Ongoing uncertainty surrounding tariffs, labor availability and broader economic conditions continues to influence supplier pricing and procurement planning. While overall supply chain conditions have stabilized compared to previous years, suppliers remain cautious with pricing commitments, and cost pressures continue to affect budgets." [Educational Services]
• "Our company's AI utilization is increasing, but we have guardrails in place to cap token utilization and evaluate TCO. The price of diesel has impacted our commercial trucking business, and Hurricane Isaias temporarily caused a moratorium on binding certain policies in parts of Alabama, Mississippi and Florida." [Finance & Insurance]
• "Fuel prices are impacting many of our consumables and delivered goods. This has reduced margins, as we have not passed the expense to our customers because we believe it will be a short-term condition." [Information]
• "While business activity remains strong, the impacts of tariffs, increased fuel prices, and longer lead times are becoming more challenging." [Management of Companies & Support Services]
• "Tariffs are causing havoc with international merchandise sourcing." [Retail Trade]
• "Generation demand is strong. Supplies for services, equipment and materials are constrained. Nuclear uprates (or power level increases) and next-generation plants have strong tailwinds but regulatory headwinds." [Utilities]
• "Tariff policy remains the main driver of landed cost: Section 301 duties in force since late July replaced the expired flat tariff, raising duties on Southeast Asian canned and dry goods. Ocean freight from Asia remains elevated and volatile, and U.S. East Coast port congestion is expected in November. El Niño is constraining fish supply, and we have suspended one source. Some Asian suppliers have delayed shipments by weeks or months and are raising prices on beverage items and reducing prices on others. Inventory is high in aggregate but unevenly distributed, so service gaps persist on selected items." [Wholesale Trade]

ISM^® Services PMI^® Report data is seasonally adjusted for the Business Activity, New Orders, Employment and Prices indexes. ISM^® Manufacturing PMI^® Report data is seasonally adjusted for New Orders, Production, Employment and Inventories indexes.
*Number of months moving in current direction.

COMMODITIES REPORTED UP/DOWN IN PRICE, AND IN SHORT SUPPLY

Commodities Up in Price
Aluminum; Chicken; Copper (11); Diesel Fuel (8); Equipment/Equipment Parts; Food Products (3); Fuel (9); Gasoline (9); High Density Polyethylene (HDPE); Insurance; Labor (2); Labor — Construction; Memory Products (10); Petroleum Based Products (6); Software — Licensing (9); Software — Maintenance; Steel Products (7); Vehicles; and Wire and Cable (2).

Commodities Down in Price
None.

Commodities in Short Supply
Computers and Related Products (2); Memory Components (10); and Wire and Cable (5).

Note: The number of consecutive months the commodity is listed is indicated after each item.
*Indicates both up and down in price.

OCTOBER 2026 SERVICES INDEX SUMMARIES

Services PMI^® 
In October, the Services PMI^® registered 54.5 percent, 0.2 percentage point above its 12-month moving average of 54.3 percent. A reading above 50 percent indicates the services sector economy is generally expanding; below 50 percent indicates it is generally contracting.

A Services PMI^® above 48.1 percent, over time, generally indicates an expansion of the overall economy. Therefore, the October Services PMI^® indicates the overall economy is expanding for the 77th straight month. Miller says, "The past relationship between the Services PMI^® and the overall economy indicates that the Services PMI^® for October (54.5 percent) corresponds to a 2-percentage point increase in real gross domestic product (GDP) on an annualized basis."

SERVICES PMI^® HISTORY

Business Activity
ISM^®'s Business Activity Index continued in expansion in October; the reading of 53.8 percent is 2.7 percentage points lower than the 56.5 percent recorded in September. October's reading is 2.9 percentage points below the index's 12-month moving average of 56.7 percent, the same as September's reading. Comments from respondents include: "Very good movie content drove higher volumes" and "Increase in business activity from new and existing customers."

The 13 industries reporting an increase in business activity for the month of October — listed in order — are: Arts, Entertainment & Recreation; Finance & Insurance; Transportation & Warehousing; Information; Wholesale Trade; Accommodation & Food Services; Other Services; Educational Services; Retail Trade; Management of Companies & Support Services; Public Administration; Utilities; and Professional, Scientific & Technical Services. The two industries reporting a decrease in business activity in the month of October are: Construction; and Real Estate, Rental & Leasing.

New Orders
ISM^®'s New Orders Index remained in expansion territory at 55.9 percent in October, 3.9 percentage points lower than the reading of 59.8 percent in September. The index has expanded for 17 consecutive months. Comments from respondents include: "New orders are growing at a moderate, slower pace; production remains stable with no major surge" and "Excess speculative home inventory must sell before we can start new ones."

The 15 industries reporting an increase in new orders for the month of October — listed in order — are: Transportation & Warehousing; Other Services; Arts, Entertainment & Recreation; Wholesale Trade; Finance & Insurance; Information; Agriculture, Forestry, Fishing & Hunting; Real Estate, Rental & Leasing; Retail Trade; Management of Companies & Support Services; Public Administration; Professional, Scientific & Technical Services; Health Care & Social Assistance; Educational Services; and Utilities. For the third month in a row, the only industry reporting a decrease in new orders in the month of October is Construction.

Employment
Employment activity in the services sector expanded for a second consecutive month in October, as the index registered 51.4 percent. The reading is up 1.3 percentage points from the September figure of 50.1 percent and is 2.1 percentage points above the index's 12-month average of 49.3 percent. Comments from respondents include: "Increasing employment to support business growth and new contract awards" and "Less people, more work equals frustration."

The six industries reporting an increase in employment in October — listed in order — are: Transportation & Warehousing; Retail Trade; Real Estate, Rental & Leasing; Accommodation & Food Services; Utilities; and Wholesale Trade. The seven industries reporting a decrease in employment in October — listed in order — are: Management of Companies & Support Services; Health Care & Social Assistance; Other Services; Mining; Construction; Educational Services; and Public Administration.

Supplier Deliveries
In October, the Supplier Deliveries Index indicated slower performance for the 23rd month in a row. The index registered 56.7 percent, up 3.5 percentage points from the 53.2 percent recorded in September. A reading above 50 percent indicates slower deliveries, while a reading below 50 percent indicates faster deliveries. Comments from respondents include: "Stabilizing of supply of subcomponents on technology products" and "Repeated vessel and supplier schedule slips (some weeks to months late), and several overdue open orders; longer lead times are forcing earlier ordering and more rescheduling."

The 14 industries reporting slower deliveries in October — in the following order — are: Management of Companies & Support Services; Wholesale Trade; Agriculture, Forestry, Fishing & Hunting; Information; Mining; Other Services; Real Estate, Rental & Leasing; Utilities; Public Administration; Professional, Scientific & Technical Services; Health Care & Social Assistance; Construction; Educational Services; and Finance & Insurance. There was no industry reporting faster deliveries in October.

Inventories
The Inventories Index expanded for the ninth month in a row, registering 55.4 percent, a 2.4-percentage point decrease compared to the 57.8 percent reported in September. Of the total respondents in October, 30 percent indicated they do not have inventories or do not measure them. Comments from respondents include: "Excess purchase to protect against price increases" and "We completed an inventory analysis with new AI technology that measured our minimum and maximum inventory levels against our demand; the adjustment recommendations allowed us to lower our on-hand inventory."

The 10 industries reporting an increase in inventories in October — in the following order — are: Retail Trade; Transportation & Warehousing; Agriculture, Forestry, Fishing & Hunting; Construction; Other Services; Real Estate, Rental & Leasing; Professional, Scientific & Technical Services; Utilities; Educational Services; and Wholesale Trade. The four industries reporting a decrease in inventories in October are: Arts, Entertainment & Recreation; Finance & Insurance; Public Administration; and Management of Companies & Support Services.

Prices
Prices paid by services organizations for materials and services increased in October for the 113th consecutive month. The Prices Index registered 73 percent, a decrease of 1 percentage point from September's reading of 74 percent. October's reading is 3.8 percentage points above its 12-month average of 69.2.

Seventeen industries reported an increase in prices paid during the month of October, in the following order: Other Services; Transportation & Warehousing; Construction; Arts, Entertainment & Recreation; Professional, Scientific & Technical Services; Information; Public Administration; Management of Companies & Support Services; Finance & Insurance; Utilities; Accommodation & Food Services; Mining; Retail Trade; Educational Services; Health Care & Social Assistance; Wholesale Trade; and Real Estate, Rental & Leasing. No industries reported a decrease in prices paid.

NOTE: Commodities reported as up in price and down in price are listed in the commodities section of this report.

Backlog of Orders
The ISM^® Services Backlog of Orders Index registered 58 percent, a 1.4-percentage point increase compared to the 56.6 percent reported in September and the highest since July 2022 (58.3 percent). The index has been in expansion territory for nine straight months, its longest continuous growth since a string of 26 months that ended in February 2023. Of the total respondents in October, 33 percent indicated they do not measure backlog of orders. Respondent comments include: "Due to the need to hire additional staff to meet demand, we must backlog patients until a provider is available" and "Supplier capacity constraints and delayed deliveries are contributing to execution backlog on certain projects."

The 11 industries reporting an increase in order backlogs in October — in the following order — are: Finance & Insurance; Arts, Entertainment & Recreation; Real Estate, Rental & Leasing; Retail Trade; Agriculture, Forestry, Fishing & Hunting; Management of Companies & Support Services; Mining; Professional, Scientific & Technical Services; Wholesale Trade; Health Care & Social Assistance; and Utilities. The three industries reporting a decrease in order backlogs in October are: Transportation & Warehousing; Construction; and Other Services.

New Export Orders
Orders and requests for services and other non-manufacturing activities to be provided outside of the U.S. by domestically based companies contracted in October. The New Export Orders Index registered 55.2 percent, up 8.3 percentage points compared to the September reading of 46.9 percent, a return to expansion after one month in contraction. Of the total respondents in October, 40 percent indicated they do not perform, or do not separately measure, orders for work outside of the U.S. Respondent comments include: "Increased demand for subscriptions" and "New service centers offshored."

The six industries reporting an increase in new export orders in October — in the following order — are: Real Estate, Rental & Leasing; Other Services; Retail Trade; Agriculture, Forestry, Fishing & Hunting; Professional, Scientific & Technical Services; and Utilities. The five industries reporting a decrease in new export orders in October are: Construction; Accommodation & Food Services; Information; Educational Services; and Wholesale Trade. Seven industries reported no change in exports in October.

Imports
The Imports Index was in expansion territory in October for the fourth consecutive month and the seventh time in eight months, registering 54.2 percent, 1.3 percentage points higher than the 52.9 percent reported in September. Of the total respondents in October, 38 percent reported that they do not use, or do not track the use of, imported materials. Respondent comments include: "Longer time for ocean freight plus higher energy costs are resulting in higher overall cost for ocean freight" and "We are actively trying to source more products from U.S.-Mexico-Canada Agreement suppliers to mitigate the steep tariffs on food, apparel, and electronics from Asia."

The eight industries reporting an increase in imports for the month of October, in order, are: Mining; Public Administration; Retail Trade; Professional, Scientific & Technical Services; Health Care & Social Assistance; Transportation & Warehousing; Wholesale Trade; and Utilities. The two industries reporting a decrease in imports in October are: Accommodation & Food Services; and Information. Eight industries reported no change in imports in October. Eight industries reported no change in imports in October.

Inventory Sentiment
The ISM^® Services Inventory Sentiment Index was in expansion (or "too high") territory for the 42nd consecutive month in October; the reading of 52.1 percent is an increase of 0.4 percentage point compared to September's figure of 51.7 percent. This reading indicates that respondents feel their companies' inventory levels are too high when correlated to business requirements.

The seven industries reporting sentiment that their inventories were too high in October, in order, are: Retail Trade; Construction; Other Services; Utilities; Wholesale Trade; Agriculture, Forestry, Fishing & Hunting; and Health Care & Social Assistance. The three industries reporting a decrease in inventory sentiment in October are: Finance & Insurance; Accommodation & Food Services; and Professional, Scientific & Technical Services. Eight industries reported no change in imports in October.

About This Report
DO NOT CONFUSE THIS NATIONAL REPORT with the various regional purchasing reports released across the country. The national report's information reflects the entire U.S., while the regional reports contain primarily regional data from their local vicinities. Also, the information in the regional reports is not used in calculating the results of the national report. The information compiled in this report is for the month of October 2026.

The data presented herein is obtained from a survey of supply executives in the services sector based on information they have collected within their respective organizations. ISM^® makes no representation, other than that stated within this release, regarding the individual company data collection procedures. The data should be compared to all other economic data sources when used in decision-making.

Data and Method of Presentation
The ISM^® Services PMI^® Report (formerly the Non-Manufacturing ISM^® Report On Business^®) is based on data compiled from purchasing and supply executives nationwide. Membership of the Services Business Survey Panel (formerly Non-Manufacturing Business Survey Committee) is diversified by the North American Industry Classification System (NAICS), based on each industry's contribution to gross domestic product (GDP). The Services Business Survey Panel responses are divided into the following NAICS code categories: Agriculture, Forestry, Fishing & Hunting; Mining; Utilities; Construction; Wholesale Trade; Retail Trade; Transportation & Warehousing; Information; Finance & Insurance; Real Estate, Rental & Leasing; Professional, Scientific & Technical Services; Management of Companies & Support Services; Educational Services; Health Care & Social Assistance; Arts, Entertainment & Recreation; Accommodation & Food Services; Public Administration; and Other Services (services such as Equipment & Machinery Repairing; Promoting or Administering Religious Activities; Grantmaking; Advocacy; and Providing Dry-Cleaning & Laundry Services, Personal Care Services, Death Care Services, Pet Care Services, Photofinishing Services, Temporary Parking Services, and Dating Services). The data are weighted based on each industry's contribution to GDP. According to U.S. Bureau of Economic Analysis (BEA) estimates (the average of the fourth quarter 2024 GDP estimate and the GDP estimates for first, second, and third quarter 2025, as released on January 22, 2026), the six largest services sectors are: Real Estate, Rental & Leasing; Public Administration; Professional, Scientific, & Technical Services; Health Care & Social Assistance; Information; and Finance & Insurance.

Survey responses reflect the change, if any, in the current month compared to the previous month. For each of the indicators measured (Business Activity, New Orders, Backlog of Orders, New Export Orders, Inventory Change, Inventory Sentiment, Imports, Prices, Employment and Supplier Deliveries), this report shows the percentage reporting each response and the diffusion index. Responses represent raw data and are never changed. Data is seasonally adjusted for Business Activity, New Orders, Prices and Employment. All seasonal adjustment factors are subject annually to relatively minor changes when conditions warrant them. The remaining indexes have not indicated significant seasonality.

The Services PMI^® is a composite index based on the diffusion indexes for four of the indicators with equal weights: Business Activity (seasonally adjusted), New Orders (seasonally adjusted), Employment (seasonally adjusted) and Supplier Deliveries. Diffusion indexes have the properties of leading indicators and are convenient summary measures showing the prevailing direction of change and the scope of change. An index reading above 50 percent indicates that the services economy is generally expanding; below 50 percent indicates that it is generally declining. Supplier Deliveries is an exception. A Supplier Deliveries Index above 50 percent indicates slower deliveries and below 50 percent indicates faster deliveries.

A Services PMI^® above 48.1 percent, over time, indicates that the overall economy, or gross domestic product (GDP), is generally expanding; below 48.1 percent, it is generally declining. The distance from 50 percent or 48.1 percent is indicative of the strength of the expansion or decline.

The ISM^® Services PMI^® Report survey is sent out to Services Business Survey Panel respondents in the first part of each month. Respondents are asked to ONLY report on U.S. operations for the current month. ISM^® receives survey responses throughout most of any given month, with the majority of respondents generally waiting until late in the month to submit responses to give the most accurate picture of current business activity. ISM^® then compiles the report for release on the third business day of the following month.

The industries reporting growth, as indicated in the ISM^® Services PMI^® Report, are listed in the order of most growth to least growth. For the industries reporting contraction or decreases, those are listed in the order of the highest level of contraction/decrease to the least level of contraction/decrease.

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About Institute for Supply Management^®

ISM is the world's first professional association for supply chain — founded in 1915, before the term 'supply chain' was widely used. We didn't enter this profession. We helped shape it. Today, we're a community of over 200,000 professionals in more than 100 countries — early-career practitioners building credentials, experienced leaders seeking strategic insight, and organizations developing their procurement teams that drive their business forward. What connects us is a shared belief that supply chain is strategic work that deserves world-class support. For more information, please visit: https://www.ismworld.org.

The full text version of the ISM^® Services PMI^® Report is posted on ISM^®'s website at www.ismrob.org on the third business day* of every month after 10:00 a.m. ET. The one exception is in January, the report is released on the fourth business day of the month.

The next ISM^® Services PMI^® Report featuring November 2026 data will be released at 10:00 a.m. ET on Thursday, December 3, 2026.

*Unless the New York Stock Exchange is closed.

SOURCE Institute for Supply Management