ISM Services PMI October 2026: 54.5 as Deliveries Slow

The services side of the US economy kept growing in October, but the freight it buys to do so is getting slower and more expensive. The ISM Services PMI eased to 54.5 percent in October from 54.9 in September, a fourth straight monthly step down and the slowest reading in three months, while holding a 28th consecutive month in expansion territory. The headline number is one thing. What the survey reports underneath it is the part that matters for anyone paying freight, holding inventory or buying a ticket on a container ship: supplier deliveries slowed sharply, work backlogs hit their highest level since July 2022, and fuel prices came in up for the ninth month in a row.

Key Takeaways ISM Ser…