Updated: 04-Feb-26 10:29 ET

January ISM Non-Manufacturing Index

Updated: 04-Feb-26 10:29 ET

Highlights

• The ISM Services PMI checked in at 53.8% in January (Briefing.com consensus: 53.7%), unchanged from a downwardly revised 53.8% (from 54.4%) in December.
• The dividing line between expansion and contraction is 50.0%, so the January reading reflects services sector activity growing at the same pace as the prior month.

Key Factors

• The Business Activity/Production Index increased to 57.4% from 55.2%.
• The New Orders Index dropped to 53.1% from 56.5%.
• The Employment Index fell to 50.3% from 51.7%.
• The Prices Index rose to 66.6% from 65.1%, marking the fourteenth straight month above 60.0%.
• The Supplier Deliveries Index increased to 54.2% from 51.8%.
• The Backlog of Orders Index jumped to 44.0% from 42.6.

Big Picture

• The key takeaway from the report is that activity in the services sector grew at a steady pace in January at the same time prices paid for materials and services increased.

Category	JAN	DEC	NOV	OCT	SEP
Non-Manufacturing ISM index	53.8	53.8	52.4	52.0	50.3
Business Activity	57.4	55.2	54.5	54.3	49.9
New Orders	53.1	56.5	52.9	56.2	50.4
Employment	50.3	51.7	48.9	48.2	47.2
Deliveries (nsa)	54.2	51.8	54.1	50.8	52.6
Inventories (nsa)	45.1	54.2	53.4	49.5	47.8
Exports (nsa)	45.0	54.2	48.7	47.8	46.5
Imports (nsa)	48.2	50.3	48.9	43.7	49.2
Prices Paid	66.6	65.1	65.4	70.0	69.4