GrowthInstitute for Supply ManagementMonthly
ISM Services PMI
What is ISM Services PMI?
Diffusion index measuring services sector activity. Above 50 = expansion.
Why it matters
Services represent ~80% of U.S. GDP.
How to read prints
When it rises
Services sector expanding; consumer demand firm.
When it falls
Services contracting; broad-based slowdown risk.
Frequently asked
What is the ISM Services PMI?⌄
A diffusion index from a monthly survey of purchasing managers at U.S. non-manufacturing firms. Services are ~70% of U.S. GDP, making this larger in scope than the manufacturing PMI.
When is it released?⌄
Third business day of each month at 10 AM ET.
Why does the Fed watch it closely?⌄
Services inflation is the stickiest component of CPI. Services PMI Prices Paid is an early read on where services CPI is heading.
What level signals recession?⌄
Sustained readings below 45 historically coincide with recessions. The composite (Manufacturing + Services weighted) below 49 for several months is a stronger signal.
Track it on Market Ontology
Monitor ISM Services PMI in real time on Growth & Real Economy, alongside regime classification, transmission mapping, and cross-asset context.
| Source | Institute for Supply Management |
| Frequency | Monthly |
| Category | Growth |
| FRED Series | SRVPRD |
| Unit | index |
| Related Module | Growth & Real Economy |
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