Trade Process Index at 54.3%; Fresh Orders Index at 56.2%; Work Index at 48.2%; Provider Deliveries Index at 50.8%

TEMPE, Ariz., Nov. 5, 2025 /PRNewswire/ — Financial job within the products and services sector returned to growth in October, say the family’s buying and provide executives within the unedited ISM^® Services and products PMI^® Document. The Services and products PMI^® registered at 52.4 % and is in growth area for the 8th presen in 2025.

The file used to be issued as of late via Steve Miller, CPSM, CSCP, Chair of the Institute for Provide Control^® (ISM^®) Services and products Trade Survey Committee: “In October, the Services and products PMI^® registered a studying of 52.4 %, 2.4 proportion issues upper than the September determine of fifty %. The Trade Process Index additionally returned to growth area in October, registering 54.3 %, 4.4 proportion issues upper than the studying of 49.9 % recorded in September. The Fresh Orders Index remained in growth in October, with a studying of 56.2 %, up 5.8 % from September’s determine of fifty.4 % and its easiest studying since October 2024 (56.7 %). The Work Index reduced in size for the 5th year in a row with a studying of 48.2 %, a 1-percentage level development from the 47.2 % recorded in September.

“The Provider Deliveries Index registered 50.8 %, 1.8 proportion issues not up to the 52.6 % recorded in September and zero.7 proportion level under its 12-month moderate of 51.5 %. That is the eleventh consecutive year that the index has been in growth area, indicating slower provider supply efficiency. (Provider Deliveries is the one ISM^® PMI^® Experiences index this is inversed; a studying of above 50 % signifies slower deliveries, which is standard because the financial system improves and buyer call for will increase.)

“The Costs Index registered 70 % in October, its first presen at or above that threshold since a studying of 70.7 % in October 2022. The October determine used to be a zero.6-percentage level building up from September’s studying of 69.4 %. The index has exceeded 60 % for 11 directly months.

“The Inventories Index registered 49.5 % in October, an building up of one.7 proportion issues from September’s determine of 47.8 % however in contraction for the second one directly year nearest 3 months in growth area. The Stock Sentiment Index expanded for the thirtieth consecutive year, registering 55.5 %, ailing 0.2 proportion level from September’s determine of 55.7 %. The Backlog of Orders Index used to be in contraction area for the 8th year in a row, registering 40.8 % in October, a 6.5-percentage level loose from the September determine of 47.3 %; that is the index’s second-lowest studying since Would possibly 2009 (40 %).

“Eleven industries reported growth in October, one more than in September, while the number reporting contraction decreased from seven to six. The October reading of 52.4 percent is 0.7 percentage point above the 12-month average of 51.7 percent. However, the 12-month average is at its lowest level since August 2024 (51.7 percent) and the second lowest since June 2010 (51.4 percent).”

Miller continues, “October’s Services PMI^® is a continuation of a downward trend of more than 10 percentage points in the 12-month average since February 2022, when it was 62.6 percent. The rebounds in both the Business Activity and New Orders indexes in October are positive signs, while the continued contraction in the Employment index shows a lack of confidence in the continued strength of the economy. The Backlog of Orders Index continued its 3½ year declining trend; even with a contracting Employment Index, companies can more than keep up with new orders to reduce backlogs. Respondents continued to mention the impact of tariffs on prices paid. There was no indication of widespread layoffs or reductions in force, but the federal government shutdown was mentioned several times as impacting business activity and generating concerns for future layoffs. In the Health Care & Social Assistance and Retail Trade industries, panelists noted seasonal strength in activity, and comments from many industries mentioned continuing demand stability.”

INDUSTRY PERFORMANCE
The 11 products and services industries reporting enlargement in October — indexed to bring — are: Lodging & Meals Services and products; Retail Business; Wholesale Business; Actual Property, Condo & Leasing; Condition Aid & Social Backup; Utilities; Transportation & Warehousing; Agriculture, Forestry, Fishing & Searching; Data; Skilled, Clinical & Technical Services and products; and Tutorial Services and products. The six industries reporting a contraction within the year of October — indexed to bring — are: Arts, Leisure & Laze; Control of Corporations & Assistance Services and products; Finance & Insurance coverage; Society Management; Building; and Alternative Services and products.

WHAT RESPONDENTS ARE SAYING

• “Activity is generally flat month-over-month; we are closely monitoring effects of the new tariff announcement.” [Finance & Insurance]
• “Uncertainty due to the federal government shutdown has shuttered many non-essential functions. This will lead to project delays and likely hurt our overall fiscal year 2026 expectations. Our sites are funded through the next couple of months, but if the shutdown continues beyond that time, we will expect mass furloughs of our employees.” [Management of Companies & Support Services]
• “Relatively flat activity levels for oil and gas.” [Mining]
• “Client demand for advisory and compliance services remains solid, particularly as businesses navigate evolving tax legislation and increased regulatory scrutiny. However, we are seeing extended approval cycles on discretionary projects and tighter controls on consulting spend, which is putting pressure on procurement to be more agile and cost-efficient.” [Professional, Scientific & Technical Services]
• “Heightened business activity due to new fiscal year budget. Items made with or utilizing precious metals are up, basic labor is down — though maintaining employees has been more difficult since a return-to-office order was implemented.” [Public Administration]
• “The overall economy continues to provide mixed signals, which makes it difficult to determine how to move forward as a business given the uncertainty.” [Real Estate, Rental & Leasing]
• “Business very strong, no supply chain or logistical issues.” [Retail Trade]
• “General business has been steady, with minimum fluctuation.” [Transportation & Warehousing]
• “Tariffs continue to cause disruption in contracts and contracting, driving up pricing on goods, particularly engineered and manufactured equipment. The backlog of existing orders with delays continues to persist for equipment and manufactured equipment.” [Utilities]
• “Trade appears to be selecting up. Multifamily is a weighty driving force. I feel maximum initiatives which were suspense are in spite of everything coming to fruition as lumber costs have discovered a base. The outlook is best with the Fed’s plan to proceed with fee cuts. House costs coupled with increased rates of interest proceed to reserve a lid on gross sales. House affordability remains to be a bit of out of succeed in for a immense portion of possible consumers. [Wholesale Trade]

ISM^® Services and products PMI^® Document information is seasonally adjusted for the Trade Process, Fresh Orders, Work and Costs indexes. ISM^® Production PMI^® Document information is seasonally adjusted for Fresh Orders, Manufacturing, Work and Inventories indexes.
*Selection of months transferring in tide route.

COMMODITIES REPORTED UP/DOWN IN PRICE, AND IN SHORT SUPPLY

Commodities Up in Worth
Copper Merchandise (3); Electric Elements (3); Exertions* (3); Exertions — Technical; Upkeep, Restore and Running (MRO) Services and products; Place of business Provides; Carrier Word of honour; Instrument Licensing; and Valves (2).

Commodities Ailing in Worth
Diesel Gas (8); Gas (8); and Exertions*.

Commodities in Decrease Provide
Exertions — Building (3); and Transformers.

Notice: The selection of consecutive months the commodity is indexed is indicated nearest each and every merchandise.
*Signifies each up and ailing in value.

OCTOBER  2025 SERVICES INDEX SUMMARIES

Services and products PMI ^®
In October, the Services and products PMI^® registered 52.4 %, a 2.4-percentage level building up in comparison to the September studying of fifty %. A studying above 50 % signifies the products and services sector financial system is usually increasing; under 50 % signifies it’s usually contracting.

A Services and products PMI^® above 48.6 %, over presen, usually signifies a selection of the total financial system. Subsequently, the October Services and products PMI^® signifies the total financial system is increasing for the sixty fifth directly year. Miller says, “The past relationship between the Services PMI^® and the overall economy indicates that the Services PMI^® for October (52.4 percent) corresponds to a 1.2-percentage point increase in real gross domestic product (GDP) on an annualized basis.”

SERVICES PMI ^®  HISTORY

Trade Process
ISM^®‘s Trade Process Index returned to growth in October; the studying of 54.3 % is 4.4 proportion issues upper than the 49.9 % recorded in September. The index learn above 54 % for the 6th presen in 2025. Feedback from respondents come with: “(Our patients) have some nasty viruses and flu” and “The federal government shutdown has slowed many non-essential projects.”

The ten industries reporting an building up in trade job for the year of October — indexed to bring — are: Lodging & Meals Services and products; Agriculture, Forestry, Fishing & Searching; Wholesale Business; Transportation & Warehousing; Data; Condition Aid & Social Backup; Retail Business; Utilities; Tutorial Services and products; and Skilled, Clinical & Technical Services and products. The 3 industries reporting a trim in trade job for the year of October are: Arts, Leisure & Laze; Control of Corporations & Assistance Services and products; and Society Management.

Fresh Orders
ISM^®‘s Fresh Orders Index registered 56.2 % in October, 5.8 proportion issues upper than the studying of fifty.4 % reported in September. The index has been in growth area in 32 of the latter 34 months. Feedback from respondents come with: “New sales orders have come in across a specific vertical market (data centers)” and “Increase in M&A activity within technology, media and telecom sector.”

The 12 industries reporting an building up in unutilized orders for the year of October — indexed to bring — are: Lodging & Meals Services and products; Retail Business; Wholesale Business; Actual Property, Condo & Leasing; Agriculture, Forestry, Fishing & Searching; Alternative Services and products; Transportation & Warehousing; Condition Aid & Social Backup; Skilled, Clinical & Technical Services and products; Data; Utilities; and Tutorial Services and products. The 5 industries reporting a trim in unutilized orders for the year of October are: Arts, Leisure & Laze; Building; Control of Corporations & Assistance Services and products; Finance & Insurance coverage; and Society Management.

Work
Work job within the products and services sector reduced in size in October for the 5th year in a row. The Work Index registered 48.2 %, up 1 proportion level from the September determine of 47.2 % and its easiest since Would possibly’s studying of fifty.7 %. Feedback from respondents come with: “Holiday seasonal hiring” and “We have not replaced employees who have left through attrition.”

The 4 industries reporting an building up in operate in October are: Retail Business; Actual Property, Condo & Leasing; Utilities; and Condition Aid & Social Backup. The ten industries reporting a trim in operate in October — indexed to bring — are: Alternative Services and products; Arts, Leisure & Laze; Finance & Insurance coverage; Transportation & Warehousing; Control of Corporations & Assistance Services and products; Society Management; Data; Tutorial Services and products; Wholesale Business; and Skilled, Clinical & Technical Services and products.

Provider Deliveries
In October, the Provider Deliveries Index indicated slower provider efficiency for the eleventh year in a row. The index registered 50.8 %, ailing 1.8 proportion issues from the 52.6 % recorded in September. A studying above 50 % signifies slower deliveries, hour a studying under 50 % signifies sooner deliveries. Feedback from respondents come with: “While global shipping costs and geopolitical factors are influencing pricing, delivery timelines have remained relatively stable, with no major improvements or delays reported” and “The supply chain for high-performance components remains extremely constrained; we experienced unexpected decommits and pushouts from key semiconductor suppliers, making delivery performance slightly worse than the previous month.”

The six industries reporting slower deliveries in October — in please see layout — are: Wholesale Business; Transportation & Warehousing; Tutorial Services and products; Data; Society Management; and Skilled, Clinical & Technical Services and products. The 3 industries reporting sooner provider deliveries for the year of October are: Agriculture, Forestry, Fishing & Searching; Utilities; and Condition Aid & Social Backup. 9 industries reported incorrect alternate in Provider Deliveries within the year of October.

Inventories
The Inventories Index used to be in contraction area for its moment year in a row, registering 49.5 %, a 1.7-percentage level building up in comparison to the 47.8 % reported in September. Of the full respondents in October, 29 % indicated they don’t have inventories or don’t measure them. Feedback from respondents come with: “Increase in inventory due to continued receipt of vaccine inventory for the season” and “Inventory for construction materials is being reduced, as lead times become more consistent.”

The six industries reporting an building up in inventories in October — in please see layout — are: Transportation & Warehousing; Data; Control of Corporations & Assistance Services and products; Condition Aid & Social Backup; Utilities; and Skilled, Clinical & Technical Services and products. The six industries reporting a trim in inventories in October — indexed to bring — are: Arts, Leisure & Laze; Tutorial Services and products; Society Management; Alternative Services and products; Building; and Retail Business. Six industries reported incorrect alternate in inventories for the year of October.

Costs
Costs paid via products and services organizations for fabrics and products and services larger in October for the one hundred and first consecutive year. The Costs Index registered 70 %, 0.6 proportion level upper than the 69.4 % recorded in September. The October studying is the index’s easiest since October 2022 (70.7 %) and the eleventh directly year above 60 %, despite the fact that it breaks a 35-month streak under 70 %.

16 of the 18 products and services industries reported an building up in costs paid all through the year of October, in please see layout: Lodging & Meals Services and products; Alternative Services and products; Actual Property, Condo & Leasing; Data; Control of Corporations & Assistance Services and products; Wholesale Business; Skilled, Clinical & Technical Services and products; Finance & Insurance coverage; Retail Business; Society Management; Condition Aid & Social Backup; Agriculture, Forestry, Fishing & Searching; Transportation & Warehousing; Tutorial Services and products; Utilities; and Building. Mining used to be the one business reporting a trim in costs paid in October.

NOTE: Commodities reported as up in value and ailing in value are indexed within the commodities division of this file.

Backlog of Orders
The ISM^® Services and products Backlog of Orders Index used to be in contraction area for the 8th consecutive year, and the studying of 40.8 % used to be a 6.5-percentage level trim in comparison to the 47.3 % reported in September. Of the full respondents in October, 30 % indicated they don’t measure backlog of orders. Respondent feedback come with: “Project delays related to the government shutdown” and “Permitting delays, plus additional regulatory burdens.”

The 5 industries reporting an building up to bring backlogs in October are: Retail Business; Tutorial Services and products; Transportation & Warehousing; Condition Aid & Social Backup; and Wholesale Business. The seven industries reporting a trim to bring backlogs in October — in please see layout — are: Actual Property, Condo & Leasing; Alternative Services and products; Mining; Building; Society Management; Skilled, Clinical & Technical Services and products; and Agriculture, Forestry, Fishing & Searching. Six industries reported incorrect alternate to bring backlogs within the year of October.

Fresh Export Orders
Orders and demands for products and services and alternative non-manufacturing actions to be equipped out of doors of the U.S. via locally founded corporations reduced in size in October for the fourth directly year and 7th presen within the latter 8 months. The Fresh Export Orders Index registered 47.8 %, up 1.3 proportion issues in comparison to the September studying of 46.5 %. Of the full respondents in October, 40 % indicated they don’t carry out, or don’t one at a time measure, orders for paintings out of doors of the U.S. Respondent feedback come with: “Customers hesitant to spend capital expenditures” and “For this month, new orders/activity requests are slightly higher than last month, primarily due to year-end ordering patterns creating a small, temporary spike in demand.”

The 3 industries reporting an building up in unutilized export orders in October are: Utilities; Transportation & Warehousing; and Wholesale Business. The 5 industries reporting a trim in unutilized export orders in October are: Actual Property, Condo & Leasing; Lodging & Meals Services and products; Building; Finance & Insurance coverage; and Retail Business. Ten industries reported incorrect alternate in exports in October.

Imports
The Imports Index dropped additional into contraction area in October, registering 43.7 %, 5.5 proportion issues not up to the 49.2 % reported in September and the lowest studying since Would possibly 2024 (42.8 %). Thirty-eight % of respondents reported that they don’t worth, or don’t monitor the worth of, imported fabrics. Respondent feedback come with: “Given the administration’s trade and tariff policies, we continue to source products in the U.S., Canada or Mexico instead of overseas” and “Adjusting inventory levels down.”

The 3 industries reporting an building up in imports for the year of October are: Agriculture, Forestry, Fishing & Searching; Utilities; and Wholesale Business. The seven industries reporting a trim in imports in October — indexed to bring — are: Actual Property, Condo & Leasing; Lodging & Meals Services and products; Control of Corporations & Assistance Services and products; Alternative Services and products; Retail Business; Transportation & Warehousing; and Skilled, Clinical & Technical Services and products. 8 industries reported incorrect alternate in imports in October.

Stock Sentiment
The ISM^® Services and products Stock Sentiment Index used to be in growth (or “too high”) area for the thirtieth consecutive year in October; the studying of 55.5 % is a trim of 0.2 proportion level from September’s determine of 55.7 %. This studying signifies that respondents really feel their corporations’ stock ranges are too top when correlated to trade necessities.

The 12 industries reporting sentiment that their inventories had been too top in October — indexed to bring — are: Mining; Building; Retail Business; Wholesale Business; Utilities; Control of Corporations & Assistance Services and products; Tutorial Services and products; Data; Society Management; Condition Aid & Social Backup; Skilled, Clinical & Technical Services and products; and Transportation & Warehousing. The one business reporting a trim in stock sentiment in October is Alternative Services and products.

About This Document
DO NOT CONFUSE THIS NATIONAL REPORT with the numerous regional buying studies discharged around the nation. The nationwide file’s data displays all of the U.S., hour the regional studies include essentially regional information from their native vicinities. Additionally, the ideas within the regional studies isn’t worn in calculating the result of the nationwide file. The guidelines compiled on this file is for the year of October 2025.

The information introduced herein is bought from a survey of provide executives within the products and services sector in line with data they’ve gathered inside their respective organizations. ISM^® makes incorrect illustration, alternative than that mentioned inside this leave, in regards to the particular person corporate information assortment procedures. The information will have to be in comparison to all alternative financial information resources when worn in decision-making.

Information and Form of Presentation
The ISM^®Services and products PMI^® Document (previously the Non-Production ISM^® Document On Trade^®) is in line with information compiled from buying and provide executives national. Club of the Services and products Trade Survey Panel (previously Non-Production Trade Survey Committee) is assorted via the North American Business Classification Machine (NAICS), in line with each and every business’s contribution to improper home product (GDP). The Services and products Trade Survey Panel responses are divided into please see NAICS code divisions: Agriculture, Forestry, Fishing & Searching; Mining; Utilities; Building; Wholesale Business; Retail Business; Transportation & Warehousing; Data; Finance & Insurance coverage; Actual Property, Condo & Leasing; Skilled, Clinical & Technical Services and products; Control of Corporations & Assistance Services and products; Tutorial Services and products; Condition Aid & Social Backup; Arts, Leisure & Laze; Lodging & Meals Services and products; Society Management; and Alternative Services and products (products and services equivalent to Apparatus & Equipment Repairing; Selling or Administering Spiritual Actions; Grantmaking; Advocacy; and Offering Crispy-Cleansing & Laundry Services and products, Non-public Aid Services and products, Demise Aid Services and products, Puppy Aid Services and products, Photofinishing Services and products, Transient Parking Services and products, and Courting Services and products). The information are weighted in line with each and every business’s contribution to GDP. Consistent with U.S. Bureau of Financial Research (BEA) estimates (the typical of the fourth quarter 2023 GDP estimate and the GDP estimates for first, moment, and 3rd quarter 2024, as discharged on December 19, 2024), the six biggest products and services sectors are: Actual Property, Condo & Leasing; Society Management; Skilled, Clinical, & Technical Services and products; Condition Aid & Social Backup; Data; and Finance & Insurance coverage.

Survey responses mirror the alternate, if any, within the tide year in comparison to the former year. For each and every of the symptoms leisurely (Trade Process, Fresh Orders, Backlog of Orders, Fresh Export Orders, Stock Exchange, Stock Sentiment, Imports, Costs, Work and Provider Deliveries), this file presentations the proportion reporting each and every reaction and the diffusion index. Responses constitute uncooked information and are by no means modified. Information is seasonally adjusted for Trade Process, Fresh Orders, Costs and Work. All seasonal adjustment components are topic every year to quite minor adjustments when statuses warrant them. The excess indexes have now not indicated important seasonality.

The Services and products PMI^® is a composite index in line with the diffusion indexes for 4 of the symptoms with equivalent weights: Trade Process (seasonally adjusted), Fresh Orders (seasonally adjusted), Work (seasonally adjusted) and Provider Deliveries. Diffusion indexes have the houses of important signs and are handy abstract measures appearing the pervasive route of alternate and the scope of alternate. An index studying above 50 % signifies that the products and services financial system is usually increasing; under 50 % signifies that it’s usually declining. Provider Deliveries is an exception. A Provider Deliveries Index above 50 % signifies slower deliveries and under 50 % signifies sooner deliveries.

A Services and products PMI^® above 48.6 %, over presen, signifies that the total financial system, or improper home product (GDP), is usually increasing; under 48.6 %, it’s usually declining. The space from 50 % or 48.6 % is indicative of the power of the growth or decrease.

The ISM^®Services and products PMI^® Documentsurvey is shipped out to Services and products Trade Survey Panel respondents within the first a part of each and every year. Respondents are requested to ONLY file on U.S. operations for the tide year. ISM^® receives survey responses during maximum of any given year, with nearly all of respondents usually ready till past due within the year to publish responses to present essentially the most correct image of tide trade job. ISM^® nearest compiles the file for leave at the 3rd trade while of please see year.

The industries reporting enlargement, as indicated within the ISM^®Services and products PMI^® Document, are indexed within the layout of maximum enlargement to least enlargement. For the industries reporting contraction or decreases, the ones are indexed within the layout of the easiest stage of contraction/reduce to the least stage of contraction/trim.

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About Institute for Provide Control ^®
Institute for Provide Control^® (ISM^®) is the primary and important not-for-profit skilled provide control group international. Its folk of greater than 50,000 in additional than 100 nations all over the world govern about US$1 trillion in company and govt provide chain procurement every year. Based in 1915 via practitioners, ISM is dedicated to advancing the tactic and follow of built-in, end-to-end provide chain control via important edge data-driven assets, folk, and schooling to empower folks, manufacture organizational price and to power aggressive benefit. ISM’s visual is to foster a wealthy, sustainable global. ISM empowers and leads the career during the ISM^® PMI^® Experiences (previously Document On Trade^®), its very popular certification and coaching systems, company products and services, occasions and checks. The ISM^® PMI^® Experiences — Production and Services and products — are two of essentially the most worthy financial signs to be had, offering steerage to offer control pros, economists, analysts, and govt and trade leaders. For more info, please talk over with: www.ismworld.org. 

The entire textual content model of the ISM^® Services and products PMI^® Document is posted on ISM^®‘s web page at www.ismrob.org at the 3rd trade while* of each year nearest 10:00 a.m. ET. The only exception is in January, the file is discharged at the fourth trade while of the year.

The nearest ISM^® Services and products PMI^® Document that includes November 2025 information shall be discharged at 10:00 a.m. ET on Wednesday, December 3, 2025.

*Until the Fresh York Retain Trade is closed.

SOURCE Institute for Provide Control