Industry Process Index at 54.5%; Fresh Orders Index at 52.9%; Business Index at 48.9%; Provider Deliveries Index at 54.1%

TEMPE, Ariz., Dec. 3, 2025 /PRNewswire/ — Financial job within the services and products sector persisted to amplify in November, say the society’s buying and provide executives within the untouched ISM^® Products and services PMI^® Record. The Products and services PMI^® registered at 52.6 p.c and is in enlargement length for the 9th occasion in 2025.

The document used to be issued lately by way of Steve Miller, CPSM, CSCP, Chair of the Institute for Provide Control^® (ISM^®) Products and services Industry Survey Committee: “In November, the Products and services PMI^® registered a studying of 52.6 p.c, 0.2 share level upper than the October determine of 52.4 p.c. The Industry Process Index persisted in enlargement length in November, registering 54.5 p.c, 0.2 share level upper than the studying of 54.3 p.c recorded in October. The Fresh Orders Index additionally remained in enlargement in November, with a studying of 52.9 p.c, 3.3 share issues underneath October’s determine of 56.2 p.c however 0.9 share level above its 12-month reasonable of 51.7 p.c. The Business Index shriveled for the 6th generation in a row with a studying of 48.9 p.c, a zero.7-percentage level development from the 48.2 p.c recorded in October — the fourth consecutive per month build up since a studying of 46.4 p.c in July.

“The Provider Deliveries Index registered 54.1 p.c, 3.3 share issues upper than the 50.8 p.c recorded in October and a couple of.2 share issues above its 12-month reasonable of 51.9 p.c. That is the twelfth consecutive generation that the index has been in enlargement length, indicating slower provider supply efficiency. (Provider Deliveries is the one ISM^® PMI^® Studies index this is inversed; a studying of above 50 p.c signifies slower deliveries, which is standard because the financial system improves and buyer call for will increase.)

“The Costs Index registered 65.4 p.c in November, its lowest studying since hitting 65.1 p.c in April 2025. The November determine used to be a 4.6-percentage level loose from October’s studying of 70 p.c. The index has exceeded 60 p.c for 12 immediately months.

“The Inventories Index registered 53.4 p.c in November, an build up of three.9 share issues from October’s determine of 49.5 p.c, a go back to enlargement later two months in contraction length. The Stock Sentiment Index expanded for the thirty first consecutive generation, registering 54.8 p.c, i’m sick 0.7 share level from October’s determine of 55.5 p.c. The Backlog of Orders Index used to be in contraction length for the 9th generation in a row, registering 49.1 p.c in November, an 8.3-percentage level build up from the October determine of 40.8 p.c, and three.8 share issues above its 12-month reasonable of 45.3 p.c.

“Twelve industries reported growth in November, one more than in October, while the number reporting contraction decreased from six to five. The November Services PMI^® reading of 52.6 percent is 0.9 percentage point above the 12-month average of 51.7 percent. However, the 12-month average continues at its lowest level since August 2024 (51.7 percent) for the second month in a row, and the second lowest since June 2010 (51.4 percent).”

Miller continues, “November’s Services PMI^® is a continuation of a downward trend (as noted in the October report) of more than 10 percentage points in the 12-month average since February 2022, when it was 62.6 percent. The continued expansion in both the Business Activity and New Orders indexes in November, and the highest Backlog of Orders index reading since February 2025 are positive signs of an emerging recovery for the services sector. On the downside, tariffs and the government shutdown continue to be noted by survey respondents as impacting both demand and costs. The Employment index reading of 48.9 percent, while still in contraction, is its highest reading since it registered 50.7 percent in May 2025. The highest Supplier Deliveries index figure (54.1 percent) since October 2024 — a reading in expansion indicates slower deliveries by suppliers — was likely due to air traffic disruptions from the government shutdown and customs impacts related to changing tariffs. The tragic UPS plane crash on November 4 is also a sobering reminder, especially with the coming holidays that rely on timely deliveries, of the risks that logistics providers take every day on our roads, waterways and skies to ensure that supply chains operate smoothly.”

INDUSTRY PERFORMANCE

The 12 services and products industries reporting enlargement in November — indexed to bring — are: Retail Industry; Arts, Leisure & Refreshment; Lodging & Meals Products and services; Wholesale Industry; Condition Lend a hand & Social Support; Tutorial Products and services; People Management; Agriculture, Forestry, Fishing & Searching; Finance & Insurance coverage; Knowledge; Skilled, Clinical & Technical Products and services; and Utilities. The 5 industries reporting a contraction within the generation of November are: Building; Actual Property, Apartment & Leasing; Mining; Control of Firms & Assistance Products and services; and Transportation & Warehousing.

WHAT RESPONDENTS ARE SAYING

• “Suppliers are very inconsistent on how they are planning and executing pricing related to tariffs. Overall uncertainty on how to source and how much to source is as high as during the coronavirus pandemic era.” [Accommodation & Food Services]
• “Residential home sales continue to be hampered by mortgage rates. Most of the industry is describing their slowdown as an intentional pause, while suppliers and labor are looking at cutting margins. To maintain build volume, subcontractors are tightening their belts.” [Construction]
• “Increased activity due to year end project push.” [Finance & Insurance]
• “Patient volumes appear to be leveling off a bit, providing teams a chance to catch their breath. Supply chains are operating surprisingly well, as measured by notably higher back-order and fill-rate performance. Labor remains a strong performer as well; staffing levels remain high and there is less demand for travel labor altogether. Cost of goods remains higher but there are pockets of softening beginning to appear. Forecast remains optimistic.” [Health Care & Social Assistance]
• “Business still slow due to tariffs.” [Information]
• “With the end of the federal government shutdown, we have resumed normal operations. However, we are cautious that there may be another shutdown at the end of January.” [Management of Companies & Support Services]
• “Tariff uncertainty continues to add complexity to purchasing, and economic conditions remain mixed, with some indicators pointing to good prospects and others to worrying ones.” [Real Estate, Rental & Leasing]
• “Business continues to be strong, driven by customer traffic. Pricing stable.” [Retail Trade]
• “Business is ramping down for the end of the year — an overall great year.” [Utilities]
• “We are anticipating demand to be consistent with what we have seen in 2025 thus far. Affordability continues to be a problem for an entire generation of buyers. We expect margins to erode as competitors fight for business. Lumber production is set to be reduced significantly, so prices should increase in 2026.” [Wholesale Trade]

ISM^® Products and services PMI^® Record information is seasonally adjusted for the Industry Process, Fresh Orders, Business and Costs indexes. ISM^® Production PMI^® Record information is seasonally adjusted for Fresh Orders, Manufacturing, Business and Inventories indexes.
*Collection of months shifting in flow path.

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

Commodities Up in Value
Advantages; Copper Merchandise (4); Digital Elements; Hard work (4); Device Licensing (2); and Metal.

Commodities Ailing in Value
Cheese; Engineered Timber Merchandise; Gas (9); and Lumber.

Commodities in Shorten Provide
Electric Elements; Hard work; Metal; Transformers (2); and Twine and Cable.

Word: The choice of consecutive months the commodity is indexed is indicated later each and every merchandise.

NOVEMBER 2025 SERVICES INDEX SUMMARIES

Products and services PMI^®
In November, the Products and services PMI^® registered 52.6 p.c, a zero.2-percentage level build up in comparison to the October studying of 52.4 p.c. A studying above 50 p.c signifies the services and products sector financial system is usually increasing; underneath 50 p.c signifies it’s usually contracting.

A Products and services PMI^® above 48.6 p.c, over occasion, usually signifies a spread of the whole financial system. Subsequently, the November Products and services PMI^® signifies the whole financial system is increasing for the 66th immediately generation. Miller says, “The past relationship between the Services PMI^® and the overall economy indicates that the Services PMI^® for November (52.6 percent) corresponds to a 1.3-percentage point increase in real gross domestic product (GDP) on an annualized basis.”

SERVICES PMI^® HISTORY

Industry Process
ISM^®‘s Industry Process Index persisted in enlargement in November; the studying of 54.5 p.c is 0.2 share level upper than the 54.3 p.c recorded in October. The index registered above 54 p.c for the 7th occasion in 2025. Feedback from respondents come with: “Capital projects are at an all-time high” and “Government shutdown paused some projects due to permitting.”

The 11 industries reporting an build up in trade job for the generation of November — indexed to bring — are: Arts, Leisure & Refreshment; Retail Industry; Condition Lend a hand & Social Support; Tutorial Products and services; People Management; Finance & Insurance coverage; Wholesale Industry; Transportation & Warehousing; Skilled, Clinical & Technical Products and services; Knowledge; and Control of Firms & Assistance Products and services. The 5 industries reporting a trim in trade job for the generation of November are: Actual Property, Apartment & Leasing; Alternative Products and services; Building; Utilities; and Lodging & Meals Products and services.

Fresh Orders
ISM^®‘s Fresh Orders Index registered 52.9 p.c in November, 3.3 share issues not up to the studying of 56.2 p.c reported in October. The index has been in enlargement length in 33 of the endmost 35 months. Feedback from respondents come with: “Big pharma is spending at a faster pace than the first half of 2025” and “Customer uncertainty reducing ability to commit to new orders.”

The 12 industries reporting an build up in fresh orders for the generation of November — indexed to bring — are: People Management; Arts, Leisure & Refreshment; Retail Industry; Alternative Products and services; Wholesale Industry; Condition Lend a hand & Social Support; Tutorial Products and services; Transportation & Warehousing; Finance & Insurance coverage; Skilled, Clinical & Technical Products and services; Utilities; and Knowledge. The 4 industries reporting a trim in fresh orders for the generation of November are: Actual Property, Apartment & Leasing; Control of Firms & Assistance Products and services; Building; and Lodging & Meals Products and services.

Business
Business job within the services and products sector shriveled in November for the 6th generation in a row. The Business Index registered 48.9 p.c, up 0.7 share level from the October determine of 48.2 p.c and its very best studying since Might (50.7 p.c). Feedback from respondents come with: “Filling vacancies” and “Still not getting a lot of applications for positions, as we require work from our offices now.”

The six industries reporting an build up in operate in November, to bring, are: Retail Industry; Lodging & Meals Products and services; Agriculture, Forestry, Fishing & Searching; Wholesale Industry; Condition Lend a hand & Social Support; and Utilities. The 8 industries reporting a trim in operate in November — indexed to bring — are: Mining; Transportation & Warehousing; Control of Firms & Assistance Products and services; People Management; Building; Skilled, Clinical & Technical Products and services; Finance & Insurance coverage; and Knowledge.

Provider Deliveries
In November, the Provider Deliveries Index indicated slower efficiency for the twelfth generation in a row. The index registered 54.1 p.c, up 3.3 share issues from the 50.8 p.c recorded in October. That is its 2nd very best studying since October 2022 (56.2 p.c). A studying above 50 p.c signifies slower deliveries, life a studying underneath 50 p.c signifies sooner deliveries. Feedback from respondents come with: “Tariffs — items being stopped at borders” and “We are being told that the government shutdown has led to slower customs processing at the borders.”

The 9 industries reporting slower deliveries in November — in please see form — are: Lodging & Meals Products and services; Control of Firms & Assistance Products and services; Knowledge; Agriculture, Forestry, Fishing & Searching; Actual Property, Apartment & Leasing; Skilled, Clinical & Technical Products and services; Finance & Insurance coverage; Tutorial Products and services; and Utilities. The 3 industries reporting sooner provider deliveries for the generation of November are: Building; Retail Industry; and Condition Lend a hand & Social Support. Six industries reported deny exchange in Provider Deliveries within the generation of November.

Inventories
The Inventories Index returned to enlargement length, registering 53.4 p.c, a three.9-percentage level build up in comparison to the 49.5 p.c reported in October. Of the full respondents in November, 28 p.c indicated they don’t have inventories or don’t measure them. Feedback from respondents come with: “Coming off a quiet storm season for our service territory; the next step is to consume the materials over the next several months and begin ramping up again next spring” and “We have started reducing inventories to normal levels after some trade deals have been resolved.”

The 8 industries reporting an build up in inventories in November — in please see form — are: Arts, Leisure & Refreshment; Retail Industry; Actual Property, Apartment & Leasing; Transportation & Warehousing; Utilities; People Management; Wholesale Industry; and Skilled, Clinical & Technical Products and services. The six industries reporting a trim in inventories in November — indexed to bring — are: Control of Firms & Assistance Products and services; Alternative Products and services; Tutorial Products and services; Building; Knowledge; and Condition Lend a hand & Social Support.

Costs
Costs paid by way of services and products organizations for fabrics and services and products greater in November for the 102nd consecutive generation. The Costs Index registered 65.4 p.c, 4.6 share issues not up to the 70 p.c recorded in October and zero.7 share level not up to its 12-month reasonable of 66.1 p.c.

Fourteen industries reported an build up in costs paid throughout the generation of November, in please see form: Lodging & Meals Products and services; Finance & Insurance coverage; Knowledge; Actual Property, Apartment & Leasing; Control of Firms & Assistance Products and services; Skilled, Clinical & Technical Products and services; Wholesale Industry; Agriculture, Forestry, Fishing & Searching; Alternative Products and services; Tutorial Products and services; Condition Lend a hand & Social Support; Utilities; Transportation & Warehousing; and People Management. Building used to be the one business reporting a trim in costs paid in November.

NOTE: Commodities reported as up in worth and i’m sick in worth are indexed within the commodities division of this document.

Backlog of Orders
The ISM^® Products and services Backlog of Orders Index used to be in contraction length for the 9th consecutive generation, and the studying of 49.1 p.c used to be an 8.3-percentage level build up in comparison to the 40.8 p.c reported in October, and its biggest single-month build up since June 2022 (8.5 p.c). Of the full respondents in November, 29 p.c indicated they don’t measure backlog of orders. Respondent feedback come with: “Our patient volume keeps increasing, and we are having difficulty hiring providers/staff for open positions” and “Additional orders/RFP for data center activity.”

The six industries reporting an build up to bring backlogs in November — in please see form — are: Tutorial Products and services; Utilities; Transportation & Warehousing; Control of Firms & Assistance Products and services; People Management; and Wholesale Industry. The 5 industries reporting a trim to bring backlogs in November are: Building; Knowledge; Skilled, Clinical & Technical Products and services; Condition Lend a hand & Social Support; and Actual Property, Apartment & Leasing. Seven industries reported deny exchange to bring backlogs within the generation of November.

Fresh Export Orders
Orders and demands for services and products and alternative non-manufacturing actions to be supplied out of doors of the U.S. by way of regionally founded firms shriveled in November for the 5th immediately generation and 8th occasion in 2025. The Fresh Export Orders Index registered 48.7 p.c, up 0.9 share level in comparison to the October studying of 47.8 p.c. Of the full respondents in November, 40 p.c indicated they don’t carry out, or don’t one by one measure, orders for paintings out of doors of the U.S. Respondent feedback come with: “Europe is quite strong for the fourth quarter” and “Slower growth internationally due to tariffs.”

The six industries reporting an build up in fresh export orders in November, to bring, are: Tutorial Products and services; Transportation & Warehousing; Control of Firms & Assistance Products and services; Condition Lend a hand & Social Support; Knowledge; and Skilled, Clinical & Technical Products and services. The 5 industries reporting a trim in fresh export orders in November are: Actual Property, Apartment & Leasing; Lodging & Meals Products and services; Wholesale Industry; Retail Industry; and Building. Seven industries reported deny exchange in exports in November.

Imports
The Imports Index persisted in into contraction length in November, registering 48.9 p.c, 5.2 share issues upper than the 43.7 p.c reported in October. Thirty-nine p.c of respondents reported that they don’t virtue, or don’t observe the virtue of, imported fabrics. Respondent feedback come with: “We are actively trying to source more products from U.S.-Mexico-Canada Agreement suppliers to mitigate the steep tariffs on food, apparel, and electronics from Asia” and “Imports remain at a lower level due to tariff uncertainty and resourcing strategy execution.”

The six industries reporting an build up in imports for the generation of November — indexed to bring — are: Arts, Leisure & Refreshment; Transportation & Warehousing; Control of Firms & Assistance Products and services; Utilities; Skilled, Clinical & Technical Products and services; and Wholesale Industry. The 5 industries reporting a trim in imports in November are: Actual Property, Apartment & Leasing; Lodging & Meals Products and services; Alternative Products and services; Finance & Insurance coverage; and Knowledge. Seven industries reported deny exchange in imports in November.

Stock Sentiment
The ISM^® Products and services Stock Sentiment Index used to be in enlargement (or “too high”) length for the thirty first consecutive generation in November; the studying of 54.8 p.c is a trim of 0.7 share level from October’s determine of 55.5 p.c. This studying signifies that respondents really feel their firms’ stock ranges are too prime when correlated to trade necessities.

The 9 industries reporting sentiment that their inventories had been too prime in November — indexed to bring — are: Mining; Retail Industry; Wholesale Industry; Utilities; Agriculture, Forestry, Fishing & Searching; Building; Control of Firms & Assistance Products and services; Condition Lend a hand & Social Support; and Transportation & Warehousing. The one business reporting a trim in stock sentiment in November is Alternative Products and services. 8 industries reported deny exchange in stock sentiment in November.

About This Record
DO NOT CONFUSE THIS NATIONAL REPORT with the numerous regional buying stories excepted around the nation. The nationwide document’s knowledge displays all of the U.S., life the regional stories comprise basically regional information from their native vicinities. Additionally, the ideas within the regional stories isn’t impaired in calculating the result of the nationwide document. The ideas compiled on this document is for the generation of November 2025.

The information offered herein is bought from a survey of provide executives within the services and products sector in response to knowledge they have got amassed inside their respective organizations. ISM^® makes deny illustration, alternative than that said inside this let fall, in regards to the person corporate information assortment procedures. The information will have to be in comparison to all alternative financial information assets when impaired in decision-making.

Information and Form of Presentation
The ISM^® Products and services PMI^® Record (previously the Non-Production ISM^® Record On Industry^®) is in response to information compiled from buying and provide executives national. Club of the Products and services Industry Survey Panel (previously Non-Production Industry Survey Committee) is varied by way of the North American Business Classification Machine (NAICS), in response to each and every business’s contribution to rude home product (GDP). The Products and services Industry Survey Panel responses are divided into please see NAICS code divisions: Agriculture, Forestry, Fishing & Searching; Mining; Utilities; Building; Wholesale Industry; Retail Industry; Transportation & Warehousing; Knowledge; Finance & Insurance coverage; Actual Property, Apartment & Leasing; Skilled, Clinical & Technical Products and services; Control of Firms & Assistance Products and services; Tutorial Products and services; Condition Lend a hand & Social Support; Arts, Leisure & Refreshment; Lodging & Meals Products and services; People Management; and Alternative Products and services (services and products comparable to Apparatus & Equipment Repairing; Selling or Administering Non secular Actions; Grantmaking; Advocacy; and Offering Dehydrated-Cleansing & Laundry Products and services, Non-public Lend a hand Products and services, Demise Lend a hand Products and services, Puppy Lend a hand Products and services, Photofinishing Products and services, Transient Parking Products and services, and Relationship Products and services). The information are weighted in response to each and every business’s contribution to GDP. In step with U.S. Bureau of Financial Research (BEA) estimates (the typical of the fourth quarter 2023 GDP estimate and the GDP estimates for first, 2nd, and 3rd quarter 2024, as excepted on December 19, 2024), the six biggest services and products sectors are: Actual Property, Apartment & Leasing; People Management; Skilled, Clinical, & Technical Products and services; Condition Lend a hand & Social Support; Knowledge; and Finance & Insurance coverage.

Survey responses mirror the exchange, if any, within the flow generation in comparison to the former generation. For each and every of the indications gradual (Industry Process, Fresh Orders, Backlog of Orders, Fresh Export Orders, Stock Trade, Stock Sentiment, Imports, Costs, Business and Provider Deliveries), this document 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 Industry Process, Fresh Orders, Costs and Business. All seasonal adjustment elements are matter yearly to reasonably minor adjustments when situations warrant them. The residue indexes have no longer indicated vital seasonality.

The Products and services PMI^® is a composite index in response to the diffusion indexes for 4 of the indications with equivalent weights: Industry Process (seasonally adjusted), Fresh Orders (seasonally adjusted), Business (seasonally adjusted) and Provider Deliveries. Diffusion indexes have the homes of well-known signs and are handy abstract measures appearing the usual path of exchange and the scope of exchange. An index studying above 50 p.c signifies that the services and products financial system is usually increasing; underneath 50 p.c signifies that it’s usually declining. Provider Deliveries is an exception. A Provider Deliveries Index above 50 p.c signifies slower deliveries and underneath 50 p.c signifies sooner deliveries.

A Products and services PMI^® above 48.6 p.c, over occasion, signifies that the whole financial system, or rude home product (GDP), is usually increasing; underneath 48.6 p.c, it’s usually declining. The space from 50 p.c or 48.6 p.c is indicative of the energy of the growth or subside.

The ISM^® Products and services PMI^® Record survey is distributed out to Products and services Industry Survey Panel respondents within the first a part of each and every generation. Respondents are requested to ONLY document on U.S. operations for the flow generation. ISM^® receives survey responses all over maximum of any given generation, with nearly all of respondents usually ready till overdue within the generation to publish responses to provide probably the most correct image of flow trade job. ISM^® nearest compiles the document for let fall at the 3rd trade pace of please see generation.

The industries reporting enlargement, as indicated within the ISM^® Products and services PMI^® Record, are indexed within the form of maximum enlargement to least enlargement. For the industries reporting contraction or decreases, the ones are indexed within the form of the very best degree of contraction/ the least degree of contraction/trim.

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About Institute for Provide Control^®
Institute for Provide Control^® (ISM^®) is the primary and well-known not-for-profit skilled provide control group international. Its family of greater than 50,000 in additional than 100 international locations around the globe lead about US$1 trillion in company and govt provide chain procurement yearly. Based in 1915 by way of practitioners, ISM is dedicated to advancing the method and observe of built-in, end-to-end provide chain control thru well-known edge data-driven sources, family, and schooling to empower people, form organizational price and to power aggressive benefit. ISM’s sight is to foster a filthy rich, sustainable international. ISM empowers and leads the occupation in the course of the ISM^® PMI^® Studies (previously Record On Industry^®), its very talked-about certification and coaching techniques, company services and products, occasions and checks. The ISM^® PMI^® Studies — Production and Products and services — are two of probably the most valuable financial signs to be had, offering steerage to provide control pros, economists, analysts, and govt and trade leaders. For more info, please consult with: www.ismworld.org. 

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The then ISM^® Products and services PMI^® Record that includes December 2025 information shall be excepted at 10:00 a.m. ET on Wednesday, January 7, 2026.

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