Updated: 07-Jan-26 10:50 ET

December ISM Non-Manufacturing Index

Updated: 07-Jan-26 10:50 ET

Highlights

• The ISM Services PMI increased to 54.4% in December (Briefing.com consensus 52.2%) from 52.6% in November.
• The dividing line between expansion and contraction is 50.0%, so the December reading, which was the highest reading for 2025, reflects services sector activity accelerating from the prior month.

Key Factors

• The Business Activity/Production Index increased to 56.0% from 54.5%.
• The New Orders Index jumped to 57.9% from 52.9%.
• The Employment Index rose to 52.0% from 48.9%, breaking a six-month streak below 50%.
• The Prices Index fell to 64.3% from 65.4%, marking the thirteenth straight month above 60.0%.
• The Supplier Deliveries Index decreased to 51.8% from 54.1%.
• The Backlog of Orders Index dropped to 42.6% from 49.1%.

Big Picture

• The key takeaway from the report is that activity in the services sector accelerated in December to its best level for 2025, accented by the first expansion reading for the employment index since May 2025.

Category	DEC	NOV	OCT	SEP	AUG
Non-Manufacturing ISM index	54.4	52.6	52.4	50.0	52.0
Business Activity	56.0	54.5	54.3	49.9	55.0
New Orders	57.9	52.9	56.2	50.4	56.0
Employment	52.0	48.9	48.2	47.2	46.5
Deliveries (nsa)	51.8	54.1	50.8	52.6	50.3
Inventories (nsa)	54.2	53.4	49.5	47.8	53.2
Exports (nsa)	64.3	48.7	47.8	46.5	47.3
Imports (nsa)	50.3	48.9	43.7	49.2	54.6
Prices Paid	64.3	65.4	70.0	69.4	69.2