PMI Explained: ISM Surveys & Business Cycle Reads
Purchasing Managers' Indexes survey business conditions across manufacturing and services. The US ISM releases are among the earliest monthly reads on orders, employment, and input-price inflation.
Next release
RatingDog (Caixin) Services PMI (August 2026)
Thursday, 3 September 2026 · 01:45 UTCforecast: ~50.8
View on calendar →What it is
Composite diffusion indexes built from surveys of purchasing managers. A reading above 50 signals expansion; below 50 signals contraction. Sub-indexes cover new orders, employment, and prices paid.
Why traders care
Services PMI maps to ~80% of US GDP. Hot prices-paid components reinforce sticky-inflation narratives; sub-50 composites revive recession and cut bets. Global flash PMIs hit EUR and risk sentiment on the same day.
Release schedule
ISM Manufacturing early month; ISM Services a few business days later.
Typical time: 14:00 UTC (manufacturing); 14:00 UTC (services)