Services PMI® at 54.1%; July 2026 ISM® Services PMI® Report

Business Activity Index at 59.1%; New Orders Index at 57.2%; Employment Index at 47.4%; Supplier Deliveries Index at 52.8%

TEMPE, Ariz., Aug. 5, 2026 /PRNewswire/ — Economic activity in the services sector continued to expand in July, say the nation’s purchasing and supply executives in the latest ISM^® Services PMI^® Report. The Services PMI^® registered 54.1 percent, the 25th 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 July, the Services PMI^® registered 54.1 percent, an increase of 0.1 percentage point compared to June’s figure of 54 percent. The Business Activity Index remained in expansion territory in July, increasing 3.7 percentage points to 59.1 percent from June’s reading of 55.4 percent. The New Orders Index registered 57.2 percent, 2.1 percentage points above June’s figure of 55.1 percent. The Employment Index returned to contraction territory after only one month in expansion with a reading of 47.4 percent, a 3.8-percentage point decrease from the 51.2 percent recorded in June.

“The Supplier Deliveries Index registered 52.8 percent, 1.6 percentage points lower than the 54.4 percent recorded in June. This is the 20th 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 fourth time in five months; the reading of 70.3 percent in July is 2.6 percentage points above June’s figure of 67.7 percent. The index has exceeded 60 percent for 20 straight months and increased its 12-month average by 0.1 percentage point to 68.1 percent, its highest since April 2023.

“The Inventories Index registered 51.4 percent, up 0.2 percentage point from June’s figure of 51.2 percent. The Inventory Sentiment Index expanded for the 39th consecutive month, registering 52.5 percent, down 0.1 percentage point from June’s figure of 52.6 percent. The Backlog of Orders Index remained in expansion territory for a sixth straight month, decreasing 4 percentage points to 50.9 percent in July from June’s reading of 54.9 percent. The New Export Orders remained at or above 50 percent for the sixth month in a row, registering 52 percent, an increase of 1.6 percentage points compared to the 50.4 percent recorded in June. The Imports Index returned to expansion territory at 51.8 percent in July, an increase of 2.4 percentage points compared to its June reading of 49.4 percent, reversing a three-month trend of consecutively lower readings since March.

“Thirteen industries reported growth in July, one fewer than in June; four reported contraction, equaling the June total. The July Services PMI^® reading of 54.1 percent is 0.7 percentage point above the 12-month average of 53.4 percent. For the seventh straight month, that figure increased, with an uptick of 0.3 percentage point over June’s 12-month average of 53.1 percent.”

Miller continues, “The Prices Index broke the 70-percent threshold for the fourth time in five months, hitting 70.3 percent. In July, however, the number of commodities reported as down in price increased to six, up from three the previous month. Petroleum-related products and plastics were again reported as commodities up in price. Transformers are no longer reported as a commodity in short supply but were added to the list of those up in price. The Supplier Deliveries Index continued to indicate slower performance; its reading of 52.8 percent is an easing for its third month in a row and now 0.8 percentage point below its 12-month average of 53.6 percent.

“The Employment Index (47.4 percent) dropped below its 12-month average of 48.7 percent by 1.3 percentage points and is at its lowest level since March. This index has now been below 50 percent for 12 of the last 18 months. However, the Business Activity Index had its second-highest reading since hitting 60.5 percent in May 2024, and the New Orders Index had its fifth-highest reading in that time period.

“There was continued easing of the Supplier Deliveries Index, and eight commodities were listed as in short supply, down from nine in June. Technical labor and memory components continue to have supply challenges, and some respondents mentioned such tactics as extending ordering windows to accommodate longer lead times for other difficult-to-get commodities. Copper and aluminum moved from those listed as up in price to down in price.

“Tariff impacts and the Middle East conflict continued to be mentioned by respondents, but much less frequently than in prior reports. The World Cup was again cited in the comments regarding increased business activity and new orders. Overall, the U.S. services economy continues to be resilient. Concerns still exist regarding mortgage and inflation rates, and we are still in the midst of pricing impacts due to the recent run-up in petroleum costs.”

INDUSTRY PERFORMANCE
The 13 services industries reporting growth in July — listed in order — are: Retail Trade; Transportation & Warehousing; Wholesale Trade; Management of Companies & Support Services; Information; Construction; Accommodation & Food Services; Public Administration; Utilities; Educational Services; Mining; Professional, Scientific & Technical Services; and Finance & Insurance. The four industries reporting a contraction in the month of July are: Agriculture, Forestry, Fishing & Hunting; Other Services; Health Care & Social Assistance; and Real Estate, Rental & Leasing.

WHAT RESPONDENTS ARE SAYING

• “Overall volume of business is slightly down for the year.” [Agriculture, Forestry, Fishing & Hunting]
• “Sales continue to slide despite increased discounts. Mounting cost pressures from all fronts.” [Construction]
• “Economic conditions remain stable. Banking activity continues to be supported by healthy commercial client demand, though businesses remain cautious amid interest rate and inflation uncertainty. Overall outlook remains positive for both the banking industry and my company.” [Finance & Insurance]
• “In the tertiary care segment of hospital operations, patient volumes, revenue and activity across the board are up, and given the economic climate, this was an unexpected result. Supply chains are operating as expected: There are few, if any, impactful back orders, deliveries are consistent and fill rates are up. Employment is still in high demand, yet our institution appears to be faring well as full-time employee positions are filling without excessive recruitment. Forecast remains above average.” [Health Care & Social Assistance]
• “Business is starting to pick up especially with smaller firms. Just hope it keeps improving.” [Management of Companies & Support Services]
• “Uncertainty on how the Iran conflict will impact the price of oil, as well as the knock-on effect to construction and other materials. The city has several capital projects pending and ongoing, which will be impacted.” [Public Administration]
• “Network gear supply (internet access points and switches) for store equipment set up on four- to six-month lead times; needing to place large order in anticipation of new store openings in order to have sufficient network gear to run the store.” [Retail Trade]
• “Conditions are largely unchanged from last month. The exception is pricing, which continues to rise, driven mainly by fuel and labor costs. Demand remains stable.” [Transportation & Warehousing]
• “Electric utility materials continue to be in high demand, causing competition among utilities for production slots. Furthermore, more suppliers are requiring progress payments or a down payment on goods as part of PO agreements.” [Utilities]
• “Business is more robust than expected, considering some of the economic headwinds still plaguing the industry. Lumber supply is tighter, and freight rates and availability are challenges. Many of our builders are pushing back hard on price increases. However, the outlook is favorable for the remainder of 2026.” [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* (5); Aluminum Products (2); Beef (2); Computers and Related Items (3); Copper (8); Diesel* (5); Fiberglass Insulation; Fuel* (6); Gasoline* (6); Heating, Ventilation and Air Conditioning (HVAC) Equipment (3); Labor — Technical (2); Lumber (2); Memory Products (7); Paper Products; Petroleum Based Products (3); Plastics (2); Software — Licensing (6); Software — Maintenance/Support (4); Steel; Steel Products (4); Switchgear; Transformers; and Transportation (5).

Commodities Down in Price
Aluminum*; Chicken Wings; Copper; Diesel* (2); Fuel* (2); and Gasoline* (2).

Commodities in Short Supply
Aluminum Products; Electronic Components (6); Labor (2); Labor — Technical; Memory Components (7); Steel Products (2); Switchgear (2); and Wire and Cable (2).

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

JULY 2026 SERVICES INDEX SUMMARIES

Services PMI^®
In July, the Services PMI^® registered 54.1 percent, 0.7 percentage point above its 12-month moving average of 53.4 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 July Services PMI^® indicates the overall economy is expanding for the 74th straight month. Miller says, “The past relationship between the Services PMI^® and the overall economy indicates that the Services PMI^® for July (54.1 percent) corresponds to a 1.9-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 July; the reading of 59.1 percent is 3.7 percentage points higher than the 55.4 percent recorded in June. July’s reading is 3.5 percentage points above the index’s 12-month moving average of 55.6 percent. Comments from respondents include: “This is a seasonal region, and summertime brings a higher volume of patients” and “Heat and wildfires keeping clients at home.”

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

New Orders
ISM^®‘s New Orders Index remained in expansion territory at 57.2 percent in July, 2.1 percentage points higher than the reading of 55.1 percent in June. The index has expanded for 14 consecutive months. Comments from respondents include: “Beginning of new fiscal year — budgets in place and various large dollar projects (renovations) to complete this summer before the fall semester begins” and “World Cup.”

The 13 industries reporting an increase in new orders for the month of July — listed in order — are: Management of Companies & Support Services; Transportation & Warehousing; Retail Trade; Mining; Accommodation & Food Services; Information; Educational Services; Wholesale Trade; Finance & Insurance; Professional, Scientific & Technical Services; Public Administration; Construction; and Utilities. The three industries reporting a decrease in new orders in the month of July are: Agriculture, Forestry, Fishing & Hunting; Real Estate, Rental & Leasing; and Health Care & Social Assistance.

Employment
Employment activity in the services sector dropped back into contraction; the index registered 47.4 percent in July after one month in expansion. The reading is down 3.8 percentage points from the June figure of 51.2 percent and 1.3 percentage points below the index’s 12-month average of 48.7 percent. Comments from respondents include: “We’re seeing a small reduction at the moment, some coinciding with AI implementation” and “Lower employment in the U.S., higher in India and other low-cost geographies; H-1B visas have increased as well.”

The seven industries reporting an increase in employment in July — listed in order — are: Utilities; Construction; Retail Trade; Transportation & Warehousing; Wholesale Trade; Information; and Public Administration. The eight industries reporting a decrease in employment in July — listed in order — are: Mining; Finance & Insurance; Other Services; Health Care & Social Assistance; Real Estate, Rental & Leasing; Educational Services; Management of Companies & Support Services; and Professional, Scientific & Technical Services.

Supplier Deliveries
In July, the Supplier Deliveries Index indicated slower performance for the 20th month in a row. The index registered 52.8 percent, down 1.6 percentage points from the 54.4 percent recorded in June and its lowest level since December 2025 (51.8 percent). A reading above 50 percent indicates slower deliveries, while a reading below 50 percent indicates faster deliveries. Comments from respondents include: “Some smaller suppliers are starting to be stressed financially, causing delays in shipments, missed shipments and other issues; we are spending more time monitoring and managing these small but important suppliers to our business” and “Lead times are doubling on specific electrical conductor.”

The 10 industries reporting slower deliveries in July — in the following order — are: Accommodation & Food Services; Other Services; Wholesale Trade; Finance & Insurance; Utilities; Health Care & Social Assistance; Construction; Public Administration; Information; and Professional, Scientific & Technical Services. The two industries reporting a decrease in deliveries in July are: Retail Trade; and Transportation & Warehousing. Six industries reported no change in supplier deliveries in July.

Inventories
The Inventories Index expanded for the sixth month in a row, registering 51.4 percent, a 0.2-percentage point increase compared to the 51.2 percent reported in June. Of the total respondents in July, 28 percent indicated they do not have inventories or do not measure them. Comments from respondents include: “We have taken slightly higher inventory positions, but still below our target days inventory on hand (DIOH), to ensure supply security” and “We are pre-purchasing materials for future projects, focusing on long lead time items.”

The nine industries reporting an increase in inventories in July — in the following order — are: Other Services; Mining; Educational Services; Transportation & Warehousing; Accommodation & Food Services; Utilities; Professional, Scientific & Technical Services; Wholesale Trade; and Retail Trade. The four industries reporting a decrease in inventories in July are: Agriculture, Forestry, Fishing & Hunting; Construction; Management of Companies & Support Services; and Health Care & Social Assistance.

Prices
Prices paid by services organizations for materials and services increased in July for the 110th consecutive month. The Prices Index registered 70.3 percent, an increase of 2.6 percentage points from June’s reading of 67.7 percent. The index’s 12-month average reading elevated to 68.1 percent, its highest level since it was 69.9 percent in April 2023.

Seventeen industries reported an increase in prices paid during the month of July, in the following order: Accommodation & Food Services; Construction; Transportation & Warehousing; Retail Trade; Public Administration; Information; Other Services; Wholesale Trade; Management of Companies & Support Services; Mining; Real Estate, Rental & Leasing; Finance & Insurance; Educational Services; Health Care & Social Assistance; Professional, Scientific & Technical Services; Agriculture, Forestry, Fishing & Hunting; and Utilities. 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 50.9 percent, a 4-percentage point decrease compared to the 54.9 percent reported in June. The index has been in expansion territory for six straight months, its longest continuous run of expansion since a string of 26 months that ended in February 2023. Of the total respondents in July, 32 percent indicated they do not measure backlog of orders. Respondent comments include: “Multiple allocations from vendors” and “High demand for luxury products and less supply.”

The seven industries reporting an increase in order backlogs in July — in the following order — are: Finance & Insurance; Management of Companies & Support Services; Wholesale Trade; Utilities; Health Care & Social Assistance; Information; and Educational Services. The five industries reporting a decrease in order backlogs in July are: Agriculture, Forestry, Fishing & Hunting; Construction; Public Administration; Transportation & Warehousing; and Real Estate, Rental & Leasing. Six industries reported no change in order backlogs in July.

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 expanded in July. The New Export Orders Index registered 52 percent, up 1.6 percentage point compared to the June reading of 50.4 percent. Of the total respondents in July, 41 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 “International new orders were modestly higher than last month, supported by resilient demand from key export markets despite ongoing geopolitical and trade uncertainties.”

The eight industries reporting an increase in new export orders in July, in order, are: Mining; Retail Trade; Utilities; Information; Transportation & Warehousing; Health Care & Social Assistance; Wholesale Trade; and Professional, Scientific & Technical Services. The two industries reporting a decrease in new export orders in July are: Real Estate, Rental & Leasing; and Public Administration. Eight industries reported no change in exports in July.

Imports
The Imports Index climbed into expansion territory in July after a single month of contraction and four months in expansion before that, registering 51.8 percent, 2.4 percentage points higher than the 49.4 percent reported in June. Of the total respondents in July, 38 percent reported that they do not use, or do not track the use of, imported materials. Respondent comments include: “New product launch requiring more orders internationally in order for cost-effective delivery” and “Received transformers from international source.”

The five industries reporting an increase in imports for the month of July are: Retail Trade; Management of Companies & Support Services; Construction; Information; and Utilities. The four industries reporting a decrease in imports in July are: Other Services; Agriculture, Forestry, Fishing & Hunting; Accommodation & Food Services; and Professional, Scientific & Technical Services. Nine industries reported no change in imports in July.

Inventory Sentiment
The ISM^® Services Inventory Sentiment Index was in expansion (or “too high”) territory for the 39th consecutive month in July; the reading of 52.5 percent is a decrease of 0.1 percentage point compared to June’s figure of 52.6 percent. This reading indicates that respondents feel their companies’ inventory levels are too high when correlated to business requirements.

The eight industries reporting sentiment that their inventories were too high in July, in order, are: Other Services; Mining; Wholesale Trade; Health Care & Social Assistance; Retail Trade; Educational Services; Utilities; and Management of Companies & Support Services. The three industries reporting a decrease in inventory sentiment in July are: Professional, Scientific & Technical Services; Finance & Insurance; and Agriculture, Forestry, Fishing & Hunting. Seven industries reported no change in inventory sentiment in July.

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 July 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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The Institute for Supply Management^® (“ISM^®“) PMI^® Reports, formerly Report On Business^®, (Manufacturing and Services reports) (“ISM PMI^®“) contain information, text, files, images, video, sounds, musical works, works of authorship, applications, and any other materials or content (collectively, “Content”) of ISM (“ISM PMI^® Content”). ISM PMI^® Content is protected by copyright, trademark, trade secret, and other laws, and as between you and ISM, ISM owns and retains all rights in the ISM PMI^® Content. ISM hereby grants you a limited, revocable, nonsublicensable license to access and display on your individual device the ISM PMI^® Content (excluding any software code) solely for your personal, non-commercial use. The ISM PMI^® Content shall also contain Content of users and other ISM licensors. Except as provided herein or as explicitly allowed in writing by ISM, you shall not copy, download, stream, capture, reproduce, duplicate, archive, upload, modify, translate, publish, broadcast, transmit, retransmit, distribute, perform, display, sell, or otherwise use any ISM PMI^® Content.

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About Institute for Supply Management^®

Institute for Supply Management^® (ISM^®) is the first and leading not-for-profit professional supply management organization worldwide. Its community of more than 50,000 in more than 100 countries around the world manage about US$1 trillion in corporate and government supply chain procurement annually. Founded in 1915 by practitioners, ISM is committed to advancing the strategy and practice of integrated, end-to-end supply chain management through leading edge data-driven resources, community, and education to empower individuals, create organizational value and to drive competitive advantage. ISM’s vision is to foster a prosperous, sustainable world. ISM empowers and leads the profession through the ISM^® PMI^® Reports (formerly Report On Business^®), its highly regarded certification and training programs, corporate services, events and assessments. The ISM^® PMI^® Reports — Manufacturing and Services — are two of the most reliable economic indicators available, providing guidance to supply management professionals, economists, analysts, and government and business leaders. 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 August 2026 data will be released at 10:00 a.m. ET on Thursday, September 3, 2026.

*Unless the New York Stock Exchange is closed.

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SOURCE Institute for Supply Management