ISM Services PMI at exactly 50

Source: Dukascopy Bank SA
In September 2025, the U.S. services sector stopped growing, with the ISM® Services PMI® at exactly 50 percent. This means the sector was flat — not expanding or shrinking — for the first time since January 2010. The reading was down from 52 percent in August, showing a slowdown in momentum.

Business activity slightly declined, with a reading of 49.9 percent, the first contraction since May 2020. New orders remained positive but slowed to 50.4 percent. Employment continued to fall for the fourth straight month, with an index of 47.2 percent, showing businesses are still cutting jobs or struggling to hire.

Supplier deliveries were slower again, with delays increasing for the tenth month in a row. Prices paid by service companies continued to rise, with the index at 69.4 percent — a sign that inflation is still a concern. Inventories fell to 47.8 percent as companies cut back on stock. Backlogs of orders remained weak, though they improved slightly from August.



Even with this slowdown in services, the overall U.S. economy is still growing, but at a slower pace. ISM estimates that the current level of services activity suggests about 0.4 percent GDP growth annually. Ten industries grew in September, including food services, health care, and tech. Seven industries shrank, such as construction, real estate, and retail. Many businesses are being affected by tariffs, which are pushing up costs for goods like food, metals, and electronics. Some companies are seeing strong demand, especially in tech, but still face problems getting supplies and components. Others are worried about higher prices, slower customer demand, and uncertainty about the economy.
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