Updated: 04-Mar-26 10:18 ET

February ISM Non-Manufacturing Index

Updated: 04-Mar-26 10:18 ET

Highlights

• The ISM Services PMI checked in at 56.1% in February (Briefing.com consensus: 53.9%), up from 53.8% in January.
• The dividing line between expansion and contraction is 50.0%, so the February reading, which is the highest since July 2022, reflects services sector activity growing at a faster pace than the prior month.

Key Factors

• The Business Activity/Production Index increased to 59.9% from 57.4%.
• The New Orders Index jumped to 58.6% from 53.1%.
• The Employment Index rose to 51.8% from 50.3%.
• The Prices Index dropped to 63.0% from 66.6%, but that is the fifteenth straight month above 60.0%.
• The Supplier Deliveries Index decreased to 53.9% from 54.2%.
• The Backlog of Orders Index surged to 55.9% from 44.0%.

Big Picture

• The key takeaway from the report is the recognition that activity in the nation's largest sector accelerated in February. While this is survey-based data, it will nonetheless create a sense of optimism about Q1 growth prospects.

Category	FEB	JAN	DEC	NOV	OCT
Non-Manufacturing ISM index	56.1	53.8	53.8	52.4	52.0
Business Activity	59.9	57.4	55.2	54.5	54.3
New Orders	58.6	53.1	56.5	52.9	56.2
Employment	51.8	50.3	51.7	48.9	48.2
Deliveries (nsa)	53.9	54.2	51.8	54.1	50.8
Inventories (nsa)	56.4	45.1	54.2	53.4	49.5
Exports (nsa)	57.2	45.0	54.2	48.7	47.8
Imports (nsa)	51.8	48.2	50.3	48.9	43.7
Prices Paid	63.0	66.6	65.1	65.4	70.0