Updated: 03-Jun-26 10:53 ET

May ISM Non-Manufacturing Index

Updated: 03-Jun-26 10:53 ET

Highlights

• The ISM Services PMI increased to 54.5% in May (Briefing.com consensus: 53.6%) from 53.6% in April.
• The dividing line between expansion and contraction is 50.0%, so the May reading reflects services sector activity growing at a faster pace than the prior month.

Key Factors

• The Business Activity/Production Index increased to 57.7% from 55.9%.
• The New Orders Index jumped to 57.3% from 53.5%.
• The Employment Index wobbled to 47.9% from 48.0%.
• The Prices Index rose to 71.3% from 70.7%, marking the eighteenth consecutive month above 60.0%.
• The Supplier Deliveries Index dropped to 55.2% from 56.8%.
• The Backlog of Orders Index fell to 51.3% from 53.0%.

Big Picture

• The key takeaway from the report is the understanding that activity for the country's largest business sector picked up pace in May, notwithstanding higher prices that were reflected in the highest average 12-month reading (68%) since April 2023.

Category	MAY	APR	MAR	FEB	JAN
Non-Manufacturing ISM index	54.5	53.6	54.0	56.1	53.8
Business Activity	57.7	55.9	53.9	59.9	57.4
New Orders	57.3	53.5	60.6	58.6	53.1
Employment	47.9	48.0	45.2	51.8	50.3
Deliveries (nsa)	55.2	56.8	56.2	53.9	54.2
Inventories (nsa)	62.5	53.1	54.8	56.4	45.1
Exports (nsa)	50.0	52.1	50.7	57.2	45.0
Imports (nsa)	51.1	54.7	55.2	51.8	48.2
Prices Paid	71.3	70.7	70.7	63.0	66.6