Updated: 03-Dec-25 10:25 ET

November ISM Non-Manufacturing Index

Updated: 03-Dec-25 10:25 ET

Highlights

• The ISM Services PMI increased to 52.6% in November (Briefing.com consensus 52.4%) from 52.4% in October.
• The dividing line between expansion and contraction is 50.0%, so the November reading reflects services sector activity accelerating slightly from the prior month.

Key Factors

• The Business Activity/Production Index increased to 54.5% from 54.3%.
• The New Orders Index fell to 52.9% from 56.2%.
• The Employment Index rose to 48.9% from 48.2%. This is the sixth straight month below 50.0%.
• The Prices Index fell to 65.4% from 70.0%, marking the twelfth straight month above 60.0%.
• The Supplier Deliveries Index increased to 54.1% from 50.8%.
• The Backlog of Orders Index jumped to 49.1% from 40.8%.

Big Picture

• The key takeaway from the report is that activity in the services sector remains in expansion mode, yet that expansion is somewhat tepid, evidenced by this low November reading that is 10 percentage points less than the 12-month average since February 2022, when it stood at 62.6%.

Category	NOV	OCT	SEP	AUG	JUL
Non-Manufacturing ISM index	52.6	52.4	50.0	52.0	50.1
Business Activity	54.5	54.3	49.9	55.0	52.6
New Orders	52.9	56.2	50.4	56.0	50.3
Employment	48.9	48.2	47.2	46.5	46.4
Deliveries (nsa)	54.1	50.8	52.6	50.3	51.0
Inventories (nsa)	53.4	49.5	47.8	53.2	51.8
Exports (nsa)	48.7	47.8	46.5	47.3	47.9
Imports (nsa)	48.9	43.7	49.2	54.6	45.9
Prices Paid	65.4	70.0	69.4	69.2	69.9