Economy: ISM Non-Manufacturing (SERVICES) Index for SEPTEMBER 2026

The Institute for Supply Management (ISM®) released their Non-Manufacturing / Services Index (NMI®) for September, 2026:

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Actual: 54.9% (-0.5 point month-on-month change)

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Previous month: 55.4%

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The NMI is a reliable barometer of the U.S. services sector; above 50% implies expansion, while a reading below 50% implies that the services sector contracted.

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From Today' Report:

"...Economic activity in the services sector continued to expand in September, say the nation’s purchasing and supply executives in the latest ISM® Services PMI® Report. The Services PMI® registered 54.9%, the 27th consecutive month in expansion territory..."

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Here's A Sampling Of Comments
Made By Survey Participants:

"...'The high cost of diesel fuel has increased the cost of freight dramatically. The high cost is hard on farmers due to the high use of diesel fuel at harvest. The high cost of crude oil has driven nitrogen (for agronomic use) prices to near record highs.'
[Agriculture, Forestry, Fishing + Hunting]

'Interest rates continue to drive buyers out of the market. Half of buyers walking through the door cannot qualify to purchase.'
[Construction]

'Increased competition for deposits and higher funding costs are placing pressure on profitability and moderating growth expectations. Although projections have been revised downward, the bank continues to expect modest growth in both loans and deposits.'
[Finance + Insurance]

'Had vendor communications about more fuel charges and possible tariff reinstatement.'
[Health Care + Social Assistance]

'Demand across commercial client segments remains steady through September, though client decision cycles on discretionary capital projects remain cautious. Wage pressures and software licensing renewals continue to push operational expenses slightly higher, but freight and consumable material lead times have normalized.'
[Information]

'Oil and gas prices are still high, which encourages more production.'
[Mining]

'The cost of fuel continues to impact our cost of providing services.'
[Other Services]

'Shipping containers from overseas are double the cost, causing price increases.'
[Retail Trade]

'Business activity remains strong, but supply chain conditions continue to be challenging. Utilities and materials are experiencing slower availability, with steel particularly difficult to source domestically.

We are increasingly having to place orders internationally to secure required materials.

Strong business demand is putting additional pressure on supply, contributing to longer lead times, material availability issues and delays in project starts.'
[Utilities]

'Demand remains very strong. Manufacturers have very little breathing room to keep up with demand, and in some cases, typical lead times have slipped. They are not as aggressive on all opportunities and eager to cut prices to secure business.

Weekly price increases are the norm these days on commodities products (copper, aluminum and polyvinyl chloride). We are constantly reaching out to any and all suppliers we conduct business with to secure product to meet customer demand.'
[Wholesale Trade]..."

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