Business surveys
ISM Services PMI
A monthly survey of US services businesses, covering the largest part of the economy.
Next ISM Services release
10:00 a.m. ETin 25 days
Data for October 2026
After that
Source: ISM Report On Business calendar ↗ · checked Oct 10, 2026. Agencies can reschedule; confirm before trading.
- Frequency
- Monthly
- Release time
- 10:00 a.m. ET
- Typical timing
- Third business day of the month, covering the prior month Official schedule ↗
What ISM Services measures
The ISM Services PMI is a diffusion index from a monthly survey of purchasing and supply executives at US services firms, built from business activity, new orders, employment and supplier deliveries.
As with manufacturing, 50 separates expansion from contraction.
Why traders watch it
Services make up the majority of US economic activity, so this survey can be a better gauge of overall momentum than manufacturing.
The prices index is closely watched as a signal for services inflation, which has been the stickier part of inflation in recent years.
What to look at in the release
| Headline PMI | 50 = no change |
| Business activity | Current output |
| Prices | Services cost pressures |
| Employment | Services hiring trends |
How markets tend to interpret it
Relative to consensus expectations — not the absolute level.
Stronger / hotter than expected
A stronger reading can lift growth expectations; a jump in the prices index can add to inflation concern.
Weaker / cooler than expected
A weaker reading can raise concern about consumer and business demand.
Context matters. Survey data can diverge from hard data. Traders often look for confirmation from payrolls and spending figures.
Historical data
ISM survey data is proprietary and is not redistributed through FRED, so no historical chart is shown. Historical reports are available from ISM.
Markets that watch ISM Services
Each note explains the channel for that market; reactions are tendencies, not rules.
| Market | Why it can matter |
|---|---|
| DXY | Services are most of the US economy, and the survey's activity and prices-paid indexes can shift growth and inflation expectations at 10:00 a.m. ET, after the morning's 8:30 releases have been digested. |
| EUR/USD | With the euro-area session still open at 10:00 a.m. ET, a surprise in US services activity or prices paid can move the dollar side of the pair during overlapping London–New York liquidity. |
ISM Services FAQ
When is the ISM Services PMI released?
At 10:00 a.m. ET, typically on the third business day of the month.
Why does the services PMI matter more than manufacturing for some traders?
Services account for most US output and employment, and services inflation has been a key focus for the Fed, so the services survey can carry more weight for the overall outlook.