Updated: 05-Mar-25 10:33 ET

February ISM Non-Manufacturing Index

Updated: 05-Mar-25 10:33 ET

Highlights

• The ISM Services PMI increased to 53.5% in February (Briefing.com consensus 53.0%) from 52.8% in January.
• The dividing line between expansion and contraction is 50.0%, so the February reading reflects services sector activity expanding but at a faster pace than the prior month.
• February marked the 54th time in 57 months that the Services PMI indicated expansion.

Key Factors

• The Business Activity/Production Index dipped to 54.4% from 54.5%.
• The New Orders Index increased to 52.2% from 51.3%.
• The Employment Index increased to 53.9% from 52.3%.
• The Prices Index increased to 62.6% from 60.4% (the first time since March 2023 that the index has been above 60.0% for three consecutive months).
• The Supplier Deliveries Index rose to 53.4% from 53.0%.
• The Backlog of Orders Index increased to 51.7% from 44.8%.

Big Picture

• The key takeaway from the report is that the pace of expansion in the nation's largest sector accelerated in February, taking a little edge off the market's growth concerns; however, the acceleration in activity was also accompanied by an acceleration in prices.

Category	FEB	JAN	DEC	NOV	OCT
Non-Manufacturing ISM index	53.5	52.8	54.0	52.5	55.8
Business Activity	54.4	54.5	58.0	55.5	57.7
New Orders	52.2	51.3	54.4	54.2	56.7
Employment	53.9	52.3	51.3	50.9	52.2
Deliveries (nsa)	53.4	53.0	52.5	49.5	56.4
Inventories (nsa)	50.6	47.5	49.4	45.9	57.2
Exports (nsa)	52.1	52.0	50.1	49.6	51.7
Imports (nsa)	49.6	49.8	50.7	53.8	50.2
Prices Paid	62.6	60.4	64.4	58.5	58.6