United States Non Manufacturing PMI

Last Release

Mar 31, 2024

Actual

51.4

Units In

Points

52.6

Frequency

Monthly

Next Release

N/A

Time to Release

N/A

Highest	Lowest	Average	Date Range	Source
69.1 Nov 2021	37.8 Nov 2008	54.88 Points	1997-2024	Institute for Supply Management

The Non-Manufacturing ISM Report On Business® is based on data compiled from purchasing and supply executives nationwide. 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. An index reading above 50 percent indicates that the non-manufacturing economy in that index is generally expanding; below 50 percent indicates that it is generally declining. Orders to the service producers make up about 90 percent of the US economy.

Latest Updates

The ISM Services PMI in the US fell to 51.4 in March 2024 from 52.6 in February and below forecasts of 52.7. The reading pointed to the weakest growth in the services sector in three months, as new orders rose less (54.4 vs 56.1), inventories fell again (45.6 vs 47.1) and supplier deliveries were faster (45.4 vs 48.9). Also, employment continued to contract (48.5 vs 48) amid a combination of difficulties in backfilling positions and/or controlling labor expenses. On the other hand, business activity/production (57.4 vs 57.2) and new export orders (52.7 vs 51.6) increased at a faster pace and price pressures eased (53.4 vs 58.6) to the lowest since March 2020, but respondents indicated that even with some prices stabilizing, inflation is still a concern.