ISM (manufacturing and services indexes)

The ISM refers to the two main monthly surveys of US purchasing managers by the Institute for Supply Management: the ISM manufacturing index, generally published on the first business day of the month, and the ISM services index, on the third business day, both at 10:00 a.m. New York time, which is 4:00 p.m. in Paris most of the year. Each index is read against 50: above it, activity is expanding from one month to the next; below it, activity is contracting. The manufacturing index averages five components (new orders, production, employment, supplier deliveries, inventories); the services index, four (business activity, new orders, employment, supplier deliveries). Markets also scrutinize the prices paid index, an early signal of cost pressures, and the employment index, which they compare with the NFP. In October 2026, the ISM manufacturing index rose to 55.5, its tenth month in a row above 50. S&P Global also publishes US PMI readings, using a different method. Upcoming releases: the economic calendar.