Updated: 05-Feb-25 10:26 ET

January ISM Non-Manufacturing Index

Updated: 05-Feb-25 10:26 ET

Highlights

• The ISM Services PMI decreased to 52.8% in January (Briefing.com consensus 53.9%) from a downwardly revised 54.0% (from 54.1%) in December.
• The dividing line between expansion and contraction is 50.0%, so the January reading reflects services sector activity expanding but at a slower pace than the prior month.
• January marked the 53rd time in 56 months that the Services PMI indicated expansion.

Key Factors

• The Business Activity/Production Index dropped to 54.5% from 58.0%.
• The New Orders Index fell to 51.3% from 54.4%.
• The Employment Index increased to 52.3% from 51.3%.
• The Prices Index decreased to 60.4% from 64.4%.
• The Supplier Deliveries Index rose to 53.0% from 52.5%.
• The Backlog of Orders Index edged higher to 44.8% from 44.3%.

Big Picture

• The key takeaway from the report is that the pace of expansion in the nation's largest sector decelerated in January. That will likely temper growth forecasts for the first quarter.

Category	JAN	DEC	NOV	OCT	SEP
Non-Manufacturing ISM index	52.8	54.0	52.5	55.8	54.5
Business Activity	54.5	58.0	55.5	57.7	59.9
New Orders	51.3	54.4	54.2	56.7	59.4
Employment	52.3	51.3	50.9	52.2	48.1
Deliveries (nsa)	53.0	52.5	49.5	56.4	52.1
Inventories (nsa)	47.5	49.4	45.9	57.2	58.1
Exports (nsa)	52.0	50.1	49.6	51.7	56.7
Imports (nsa)	49.8	50.7	53.8	50.2	52.7
Prices Paid	60.4	64.4	58.5	58.6	59.5