Services PMI® at 51.8%; October 2023 Services ISM® Report On Business®
Saturday, November 11, 2023
Business Activity Index at 54.1%; New Orders Index at 55.5%; Employment Index at 50.2%; Supplier Deliveries Index at 47.5%
TEMPE, Ariz., Nov. 3, 2023 /PRNewswire/ -- Economic activity in the services sector expanded in October for the 10th consecutive month as the Services PMI(®) registered 51.8 percent, say the nation's purchasing and supply executives in the latest Services ISM(®) Report On Business(®). The sector has grown in 40 of the last 41 months, with the lone contraction in December 2022.
The report was issued today by Anthony Nieves, CPSM, C.P.M., A.P.P., CFPM, Chair of the Institute for Supply Management(® )(ISM(®)) Services Business Survey Committee: "In October, the Services PMI(®) registered 51.8 percent, 1.8 percentage points lower than September reading of 53.6 percent. The composite index indicated growth in October for the 10th consecutive month after a reading of 49.2 percent in December 2022, which was the first contraction since May 2020 (45.4 percent). The Business Activity Index registered 54.1 percent, a 4.7-percentage point decrease compared to the reading of 58.8 percent in September. The New Orders Index expanded in October for the 10th consecutive month after contracting in December for the first time since May 2020; the figure of 55.5 percent is 3.7 percentage points higher than the September reading of 51.8 percent.
"The Supplier Deliveries Index registered 47.5 percent, 2.9 percentage points lower than the 50.4 percent recorded in September. The index returned to contraction territory, indicating that supplier delivery performance was 'faster' in contrast to the 'slowing' status from the previous month. In the last eight months, the average reading of 48 percent (with a low of 45.8 percent in March) reflects the fastest supplier delivery performance since June 2009, when the index registered 46 percent. (Supplier Deliveries is the only ISM(®) Report On Business(®) index that is inversed; a reading of above 50 percent indicates slower deliveries, which is typical as the economy improves and customer demand increases.)
"The Prices Index registered 58.6 percent in October, a 0.3-percentage point decrease from the September reading of 58.9 percent. The Inventories Index returned to contraction in October, registering 49.5 percent, a decrease of 4.7 percentage points from September's figure of 54.2 percent. The Inventory Sentiment Index (54.4 percent, down 0.4 percentage point from September's reading of 54.8 percent) expanded for the sixth consecutive month. The Backlog of Orders Index registered 50.9 percent, a 2.3-percentage point increase compared to the September reading of 48.6 percent.
"Twelve industries reported growth in October. The Services PMI(®), by being above 50 percent for the 10th month after a single month of contraction and a prior 30-month period of expansion, continues to indicate sustained growth for the sector, though at a slower rate in October.
Nieves continues, "The services sector continues to slow, with decreases in the Business Activity and Employment indexes. Sentiment among Business Survey Committee respondents' comments is mixed, with some optimistic about the current steady and stable business conditions and others concerned about such economic factors as inflation, interest rates and geopolitical events. Employment-related challenges are also prevalent, with comments about increasing labor costs, as well as shortages."
INDUSTRY PERFORMANCE
The 12 services industries reporting growth in October -- listed in order -- are: Arts, Entertainment & Recreation; Retail Trade; Other Services; Construction; Finance & Insurance; Public Administration; Transportation & Warehousing; Utilities; Educational Services; Health Care & Social Assistance; Management of Companies & Support Services; and Information. The five industries reporting a decrease in the month of October are: Real Estate, Rental & Leasing; Agriculture, Forestry, Fishing & Hunting; Mining; Wholesale Trade; and Professional, Scientific & Technical Services.
WHAT RESPONDENTS ARE SAYING
-- "In general, commodity prices are coming down, but some categories,
especially labor, are still elevated and will remain so for the
immediate future. Suppliers are citing increased labor costs -- wages,
salaries and benefits -- as the biggest reason for their price
increases." [Accommodation & Food Services]
-- "Strength in certain construction sectors is leading to continued
optimism. Construction equipment and materials are at generally at lower
prices and with faster deliveries. However, this is not the case for all
materials or equipment; some prices remain high and with long lead
(times)." [Construction]
-- "Currently, we are continuing as normal. If the economy takes a
downturn, that will have a negative effect on our revenue. We are also
leery of potential increases in fuel costs due in part to the unrest in
the Middle East. If fuel costs rise, it will have a negative impact on
our budget as we strive to continue normal operations on our campus."
[Educational Services]
-- "Labor pressures continue, particularly in areas that are hard to
recruit. Filling front-line and lower-skill labor positions has gotten
very expensive because of competition from large companies and logistics
providers. Also, middle management roles are harder to recruit for than
they have been in some years." [Health Care & Social Assistance]
-- "With (a supplier's) labor dispute resolved; we're expecting a return to
the same delivery speeds before it started in July. We are in our busy
season, and it's especially busy this year compared to last fall."
[Information]
-- "We are taking a cautious approach due to the increase in crude oil
prices. Capital projects have been slowed or postponed until oil prices
stabilize. We expect this approach to continue through fiscal year
2024." [Management of Companies & Support Services]
-- "Due to the Israel-Hamas war, communications with clients in the Middle
East are pretty much shut down." [Professional, Scientific & Technical
Services]
-- "The United Auto Workers (UAW) strike is having no impact so far -- our
inventory is in good position for now." [Retail Trade]
-- "The general outlook for our organization is less positive than
anticipated from the beginning of the year. Performance expectations
were revised upward after a strong start to the year, and the results
are not expected to be as high as the revised projections. Performance
is impacted in part by our customers' ability to fill our warehouses
with product, and it seems the food manufacturing industry is still
working toward increasing output, which has lagged a bit since the
pandemic." [Transportation & Warehousing]
-- "Business conditions have become murky as of late, but still going
strong. However, certain business units are needing to be reevaluated."
[Utilities]
-- "The UAW strike and potential government shutdown have created risk and
caution for our customers who have pulled back on purchases beginning
this month." [Wholesale Trade]
ISM(R) SERVICES SURVEY
RESULTS AT A GLANCE
COMPARISON OF ISM(R) SERVICES AND ISM(R) MANUFACTURING SURVEYS
OCTOBER 2023
Index Services
PMI
(R) Manufacturing
PMI
(R)
Series Series Percent Series Series Percent
Ind
ex Ind
ex
Point Rate of Trend* Index Index Point
Oct Sep
Change Direction
Change (Months) Oct Sep Change
Services
PMI
(R) 51.8 53.6 -1.8 Growing
Slower 10 46.7 49.0 -2.3
Business Activity/ 54.1 58.8 -4.7 Growing
Slower 41 50.4 52.5 -2.1
Production
New Orders 55.5 51.8 +3.7 Growing
Faster 10 45.5 49.2 -3.7
Employment 50.2 53.4 -3.2 Growing
Slower 5 46.8 51.2 -4.4
Supplier Deliveries 47.5 50.4 -2.9 Faster From Slowing 1 47.7 46.4 +1.3
Inventories 49.5 54.2 -4.7 Contracting From Growing 1 43.3 45.8 -2.5
Prices 58.6 58.9 -0.3 Increasing
Slower 77 45.1 43.8 +1.3
Backlog of Orders 50.9 48.6 +2.3 Growing From
Contracting 1 42.2 42.4 -0.2
New Export Orders 48.8 63.7 -14.9 Contracting From Growing 1 49.4 47.4 +2.0
Imports 60.0 50.6 +9.4 Growing
Faster 5 47.9 48.2 -0.3
Inventory Sentiment 54.4 54.8 -0.4 Too High
Slower 6 N/A N/A N/A
Customers' Inventories N/A N/A N/A N/A N/A N/A 48.6 47.1 +1.5
OVERALL ECONOMY Growing
Slower 10
Services Sector Growing
Slower 10
Services ISM(®) Report On Business(® )data is seasonally adjusted for the Business Activity, New Orders, Employment and Prices indexes. Manufacturing ISM(®) Report On Business(® )data is seasonally adjusted for New Orders, Production, Employment and Inventories indexes.
*Number of months moving in current direction.
COMMODITIES REPORTED UP/DOWN IN PRICE, AND IN SHORT SUPPLY
Commodities Up in Price
Beef; Computers and Related Items; Dairy Products; Diesel Fuel (4); Electric Transformers; Food and Beverages; Food and Catering; Fuel* (3); Gasoline (9); Insulation; Labor (35); Labor -- Contract (2); Maintenance Contracts; Oil and Related Products (2); Petroleum Based Products; Software Licensing; and Software Maintenance and Support.
Commodities Down in Price
Caustic Soda; Copper Based Products; Fuel*; Lumber; and Oriented Strand Board (OSB) Panels.
Commodities in Short Supply
Catheters; Electrical Components (7); Labor (12); Labor -- Construction (2); Transformers (14); and Vehicles (2).
Note: The number of consecutive months the commodity is listed is indicated after each item.
*Indicates both up and down in price.
OCTOBER 2023 SERVICES INDEX SUMMARIES
Services PMI(®
)In October, the Services PMI(®) registered 51.8 percent, a 1.8-percentage point decrease compared to the September reading of 53.6 percent. A reading above 50 percent indicates the services sector economy is generally expanding; below 50 percent indicates it is generally contracting.
A Services PMI(®) above 49.9 percent, over time, generally indicates an expansion of the overall economy. Therefore, the October Services PMI(®) indicates the overall economy is growing for the 10th consecutive month after one month of contraction in December 2022. Nieves says, "The past relationship between the Services PMI(®) and the overall economy indicates that the Services PMI(®) for October (51.8 percent) corresponds to a 0.7-percent increase in real gross domestic product (GDP) on an annualized basis."
SERVICES PMI(®) HISTORY
Month Services PMI Month Services PMI
(R) (R)
Oct
2023 51.8 Apr 2023 51.9
Sep
2023 53.6 Mar 2023 51.2
Aug
2023 54.5 Feb 2023 55.1
Jul
2023 52.7 Jan 2023 55.2
Jun
2023 53.9 Dec 2022 49.2
May
2023 50.3 Nov 2022 55.5
Average for 12 months - 52.9
High - 55.5
Low - 49.2
Business Activity
ISM(®)'s Business Activity Index registered 54.1 percent in October, a decrease of 4.7 percentage points from the reading of 58.8 percent in September, indicating growth for the 41st consecutive month. Comments from respondents include: "New business units coming aboard" and "Fuel consumption, parts issued and work orders are all lower."
The 13 industries reporting an increase in business activity for the month of October -- listed in order -- are: Arts, Entertainment & Recreation; Finance & Insurance; Other Services; Transportation & Warehousing; Construction; Public Administration; Information; Wholesale Trade; Management of Companies & Support Services; Educational Services; Health Care & Social Assistance; Utilities; and Retail Trade. The three industries reporting a decrease in business activity for the month of October are: Real Estate, Rental & Leasing; Accommodation & Food Services; and Professional, Scientific & Technical Services.
Business Activity %Higher %Same %Lower Index
Oct 2023 22.3 61.5 16.2 54.1
Sep 2023 34.2 55.1 10.7 58.8
Aug 2023 31.0 52.5 16.5 57.3
Jul 2023 24.3 68.2 7.5 57.1
New Orders
ISM(®)'s New Orders Index registered 55.5 percent, up 3.7 percentage points from the September reading of 51.8 percent. The index indicated expansion for the 10th consecutive month after contracting in December 2022, ending a string of 30 consecutive months of growth. Comments from respondents include: "New projects are starting that were previously delayed due to recession fears" and "Higher interest rates and uncertainty looming in the economy is the common belief."
The 12 industries reporting an increase in new orders for the month of October -- listed in order -- are: Retail Trade; Finance & Insurance; Arts, Entertainment & Recreation; Educational Services; Other Services; Public Administration; Transportation & Warehousing; Accommodation & Food Services; Utilities; Health Care & Social Assistance; Wholesale Trade; and Information. The four industries reporting a decrease in new orders for the month of October are: Real Estate, Rental & Leasing; Agriculture, Forestry, Fishing & Hunting; Construction; and Professional, Scientific & Technical Services.
New Orders %Higher %Same %Lower Index
Oct 2023 22.9 59.9 17.2 55.5
Sep 2023 27.8 55.9 16.3 51.8
Aug 2023 29.4 53.6 17.0 57.5
Jul 2023 26.6 58.5 14.9 55.0
Employment
Employment activity in the services sector grew in October for the fifth consecutive month after contracting in May, with three consecutive months of growth before that. The Employment Index registered 50.2 percent, down 3.2 percentage points from the September figure of 53.4 percent. Comments from respondents include: "Replacing offshore team with employees in India" and "Tight labor market."
The nine industries reporting an increase in employment in October -- listed in order -- are: Construction; Retail Trade; Accommodation & Food Services; Arts, Entertainment & Recreation; Utilities; Professional, Scientific & Technical Services; Public Administration; Transportation & Warehousing; and Information. The five industries reporting a decrease in employment in October are: Real Estate, Rental & Leasing; Finance & Insurance; Agriculture, Forestry, Fishing & Hunting; Wholesale Trade; and Health Care & Social Assistance.
Employment %Higher %Same %Lower Index
Oct 2023 15.8 67.0 17.2 50.2
Sep 2023 21.9 64.0 14.1 53.4
Aug 2023 18.1 71.0 10.9 54.7
Jul 2023 14.2 74.3 11.5 50.7
Supplier Deliveries
The Supplier Deliveries Index indicated a return to faster performance in October, registering 47.5 percent, down 2.9 percentage points from the 50.4 percent recorded in September, the first "slower" reading since November 2022. A reading above 50 percent indicates slower deliveries, while a reading below 50 percent indicates faster deliveries. Comments from respondents include: "Steel conduit lead times have increased" and "Seemed that some supply chain logjams opened."
The three industries reporting slower deliveries in October are: Other Services; Construction; and Health Care & Social Assistance. The nine industries reporting faster supplier deliveries for the month of October -- listed in order -- are: Accommodation & Food Services; Wholesale Trade; Information; Mining; Agriculture, Forestry, Fishing & Hunting; Educational Services; Transportation & Warehousing; Retail Trade; and Professional, Scientific & Technical Services. Six industries reported no change in deliveries in October.
Supplier %Slower %Same %Faster Index
Deliveries
Oct 2023 4.2 86.6 9.2 47.5
Sep 2023 9.8 81.1 9.1 50.4
Aug 2023 3.6 89.7 6.7 48.5
Jul 2023 5.9 84.3 9.8 48.1
Inventories
The Inventories Index contracted in October. The reading of 49.5 percent was a 4.7-percentage point decrease compared to the 54.2 percent reported in September. Of the total respondents in October, 48 percent indicated they do not have inventories or do not measure them. Comments from respondents include: "Inventory reduction program in place" and "Recent deployments, and still awaiting receipt of replacement inventory."
The six industries reporting an increase in inventories in October -- listed in order -- are: Accommodation & Food Services; Transportation & Warehousing; Retail Trade; Utilities; Construction; and Public Administration. The six industries reporting a decrease in inventories in October -- listed in order -- are: Management of Companies & Support Services; Mining; Information; Wholesale Trade; Professional, Scientific & Technical Services; and Health Care & Social Assistance. Six industries reported no change in inventories.
Inventories %Higher %Same %Lower Index
Oct 2023 15.0 68.9 16.1 49.5
Sep 2023 22.0 64.4 13.6 54.2
Aug 2023 28.0 59.3 12.7 57.7
Jul 2023 13.1 74.6 12.3 50.4
Prices
Prices paid by services organizations for materials and services increased in October for the 77th consecutive month. The Prices Index registered 58.6 percent, 0.3 percentage point lower than the 58.9 percent registered in September. The October reading is the 16th in a row near or below 70 percent (with eight straight months below 60 percent), following 10 straight months of readings near or above 80 percent.
Ten services industries reported an increase in prices paid during the month of October, in the following order: Public Administration; Accommodation & Food Services; Real Estate, Rental & Leasing; Educational Services; Utilities; Management of Companies & Support Services; Health Care & Social Assistance; Professional, Scientific & Technical Services; Wholesale Trade; and Finance & Insurance. The four industries reporting a decrease in prices for October are: Transportation & Warehousing; Arts, Entertainment & Recreation; Mining; and Construction.
Prices %Higher %Same %Lower Index
Oct 2023 24.7 66.6 8.7 58.6
Sep 2023 24.2 66.3 9.5 58.9
Aug 2023 22.7 69.3 8.0 58.9
Jul 2023 22.4 69.9 7.7 56.8
NOTE: Commodities reported as up in price and down in price are listed in the commodities section of this report.
Backlog of Orders
The ISM(®) Services Backlog of Orders Index grew in October after contracting in September. The index reading of 50.9 percent is 2.3 percentage points higher than the 48.6 percent reported in September. Of the total respondents in October, 49 percent indicated they do not measure backlog of orders. Respondent comments include: "Business is at an increased pace due to current administration spending" and "Securing more contracts in commercial construction."
The eight industries reporting an increase in order backlogs in October -- listed in order -- are: Educational Services; Finance & Insurance; Mining; Construction; Utilities; Transportation & Warehousing; Public Administration; and Wholesale Trade. The four industries reporting a decrease in order backlogs in October are: Information; Agriculture, Forestry, Fishing & Hunting; Professional, Scientific & Technical Services; and Health Care & Social Assistance. Six industries reported no change in backlogs in October.
Backlog of %Higher %Same %Lower Index
Orders
Oct 2023 11.1 79.6 9.3 50.9
Sep 2023 8.5 80.2 11.3 48.6
Aug 2023 8.9 65.8 25.3 41.8
Jul 2023 15.8 72.6 11.6 52.1
New Export Orders
Orders and requests for services and other non-manufacturing activities to be provided outside of the U.S. by domestically based companies dramatically declined in October after six consecutive months of expansion. The New Export Orders Index registered 48.8 percent, a 14.9-percentage point decrease from the 63.7 percent reported in September. This decline of 14.9 percentage points is the fourth largest decrease ever. Of the total respondents in October, 72 percent indicated they do not perform, or do not separately measure, orders for work outside of the U.S.
The seven industries reporting an increase in new export orders in October -- listed in order -- are: Retail Trade; Construction; Mining; Transportation & Warehousing; Finance & Insurance; Information; and Professional, Scientific & Technical Services. The two industries reporting a decrease in new export orders in October are: Real Estate, Rental & Leasing; and Wholesale Trade. Nine industries reported no change in new export orders in October.
New Export %Higher %Same %Lower Index
Orders
Oct 2023 15.5 66.6 17.9 48.8
Sep 2023 32.1 63.1 4.8 63.7
Aug 2023 28.4 67.3 4.3 62.1
Jul 2023 26.8 68.6 4.6 61.1
Imports
The Imports Index registered 60 percent in October, 9.4 percentage points higher than September's reading of 50.6 percent. This jump of 9.4 percentage points is the fifth largest increase ever. The index has indicated expansion in 12 of the last 14 months, with the only contraction in March and an "unchanged" status (a reading of 50 percent) in May. Sixty-seven percent of respondents reported that they do not use, or do not track the use of, imported materials.
The seven industries reporting an increase in imports for the month of October -- listed in order -- are: Real Estate, Rental & Leasing; Educational Services; Retail Trade; Construction; Professional, Scientific & Technical Services; Transportation & Warehousing; and Health Care & Social Assistance. The only industry to report a decrease in imports in October is Wholesale Trade. Ten industries reported no change in imports in October.
Imports %Higher %Same %Lower Index
Oct 2023 22.3 75.4 2.3 60.0
Sep 2023 5.7 89.7 4.6 50.6
Aug 2023 8.2 88.1 3.7 52.3
Jul 2023 9.7 85.1 5.2 52.3
Inventory Sentiment
The ISM(®) Services Inventory Sentiment Index grew for the sixth consecutive month in October after one month of contraction in April, preceded by four consecutive months of growth and four months of contraction from August to November 2022. The index registered 54.4 percent, a 0.4-percentage point decrease from September's figure of 54.8 percent. This reading indicates that respondents feel their inventories are too high when correlated to business activity levels.
The eight industries reporting sentiment that their inventories were too high in October -- listed in order -- are: Arts, Entertainment & Recreation; Other Services; Utilities; Mining; Wholesale Trade; Construction; Information; and Health Care & Social Assistance. The two industries reporting a feeling that their inventories were too low in October are: Transportation & Warehousing; and Management of Companies & Support Services. Seven industries reported no change in inventory sentiment in October.
Inventory %Too %About %Too Index
Right
Sentiment High Low
Oct 2023 14.6 79.5 5.9 54.4
Sep 2023 13.7 82.1 4.2 54.8
Aug 2023 27.8 67.4 4.8 61.5
Jul 2023 19.0 75.2 5.8 56.6
About This Report
DO NOT CONFUSE THIS NATIONAL REPORT with the various regional purchasing reports released across the country. The national report's information reflects the entire U.S., while the regional reports contain primarily regional data from their local vicinities. Also, the information in the regional reports is not used in calculating the results of the national report. The information compiled in this report is for the month of October 2023.
The data presented herein is obtained from a survey of supply executives in the services sector based on information they have collected within their respective organizations. ISM(®) makes no representation, other than that stated within this release, regarding the individual company data collection procedures. The data should be compared to all other economic data sources when used in decision-making.
Data and Method of Presentation
The Services ISM(®) Report On Business(®) (formerly the Non-Manufacturing ISM(®) Report On Business(®)) is based on data compiled from purchasing and supply executives nationwide. Membership of the Services Business Survey Committee (formerly Non-Manufacturing Business Survey Committee) is diversified by NAICS, based on each industry's contribution to gross domestic product (GDP). The Services Business Survey Committee responses are divided into the following NAICS code categories: Agriculture, Forestry, Fishing & Hunting; Mining; Utilities; Construction; Wholesale Trade; Retail Trade; Transportation & Warehousing; Information; Finance & Insurance; Real Estate, Rental & Leasing; Professional, Scientific & Technical Services; Management of Companies & Support Services; Educational Services; Health Care & Social Assistance; Arts, Entertainment & Recreation; Accommodation & Food Services; Public Administration; and Other Services (services such as Equipment & Machinery Repairing; Promoting or Administering Religious Activities; Grantmaking; Advocacy; and Providing Dry-Cleaning & Laundry Services, Personal Care Services, Death Care Services, Pet Care Services, Photofinishing Services, Temporary Parking Services, and Dating Services). The data are weighted based on each industry's contribution to GDP. According to the BEA estimates for 2021 GDP (released December 22, 2022), the six largest services sectors are: Real Estate, Rental & Leasing; Government; Professional, Scientific, & Technical Services; Health Care & Social Assistance; Information; and Finance & Insurance.
Survey responses reflect the change, if any, in the current month compared to the previous month. For each of the indicators measured (Business Activity, New Orders, Backlog of Orders, New Export Orders, Inventory Change, Inventory Sentiment, Imports, Prices, Employment and Supplier Deliveries), this report shows the percentage reporting each response and the diffusion index. Responses represent raw data and are never changed. Data is seasonally adjusted for Business Activity, New Orders, Prices and Employment. All seasonal adjustment factors are subject annually to relatively minor changes when conditions warrant them. The remaining indexes have not indicated significant seasonality.
The Services PMI(®) is a composite index based on the diffusion indexes for four of the indicators with equal weights: Business Activity (seasonally adjusted), New Orders (seasonally adjusted), Employment (seasonally adjusted) and Supplier Deliveries. Diffusion indexes have the properties of leading indicators and are convenient summary measures showing the prevailing direction of change and the scope of change. An index reading above 50 percent indicates that the services economy is generally expanding; below 50 percent indicates that it is generally declining. Supplier Deliveries is an exception. A Supplier Deliveries Index above 50 percent indicates slower deliveries and below 50 percent indicates faster deliveries.
A Services PMI(®) above 49.9 percent, over time, indicates that the overall economy, or gross domestic product (GDP), is generally expanding; below 49.9 percent, it is generally declining. The distance from 50 percent or 49.9 percent is indicative of the strength of the expansion or decline.
The Services ISM(®) Report On Business(®) survey is sent out to Services Business Survey Committee respondents the first part of each month. Respondents are asked to ONLY report on U.S. operations for the current month. ISM(®) receives survey responses throughout most of any given month, with the majority of respondents generally waiting until late in the month to submit responses to give the most accurate picture of current business activity. ISM(®) then compiles the report for release on the third business day of the following month.
The industries reporting growth, as indicated in the Services ISM(®) Report On Business(®) monthly report, are listed in the order of most growth to least growth. For the industries reporting contraction or decreases, those are listed in the order of the highest level of contraction/decrease to the least level of contraction/decrease.
ISM ROB Content
The Institute for Supply Management(®) ("ISM") Report On Business(®) (Manufacturing, Services and Hospital reports) ("ISM ROB") contains information, text, files, images, video, sounds, musical works, works of authorship, applications, and any other materials or content (collectively, "Content") of ISM ("ISM ROB Content"). ISM ROB Content is protected by copyright, trademark, trade secret, and other laws, and as between you and ISM, ISM owns and retains all rights in the ISM ROB Content. ISM hereby grants you a limited, revocable, nonsublicensable license to access and display on your individual device the ISM ROB Content (excluding any software code) solely for your personal, non-commercial use. The ISM ROB Content shall also contain Content of users and other ISM licensors. Except as provided herein or as explicitly allowed in writing by ISM, you shall not copy, download, stream, capture, reproduce, duplicate, archive, upload, modify, translate, publish, broadcast, transmit, retransmit, distribute, perform, display, sell, or otherwise use any ISM ROB Content.
Except as explicitly and expressly permitted by ISM, you are strictly prohibited from creating works or materials (including, but not limited to: tables, charts, data streams, time-series variables, fonts, icons, link buttons, wallpaper, desktop themes, online postcards, montages, mashups and similar videos, greeting cards, and unlicensed merchandise) that derive from or are based on the ISM ROB Content. This prohibition applies regardless of whether the derivative works or materials are sold, bartered, or given away. You shall not either directly or through the use of any device, software, internet site, web-based service, or other means remove, alter, bypass, avoid, interfere with, or circumvent any copyright, trademark, or other proprietary notices marked on the Content or any digital rights management mechanism, device, or other content protection or access control measure associated with the Content including geo-filtering mechanisms. Without prior written authorization from ISM, you shall not build a business utilizing the Content, whether or not for profit.
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ISM shall not have any liability, duty, or obligation for or relating to the ISM ROB Content or other information contained herein, any errors, inaccuracies, omissions or delays in providing any ISM ROB Content, or for any actions taken in reliance thereon. In no event shall ISM be liable for any special, incidental, or consequential damages, arising out of the use of the ISM ROB. Report On Business(®), Manufacturing PMI(®), Services PMI(®), and Hospital PMI(®) are registered trademarks of Institute for Supply Management(®). Institute for Supply Management(®) and ISM(®) are registered trademarks of Institute for Supply Management, Inc.
About Institute for Supply Management(®
)Institute for Supply Management(®) (ISM(®)) is the first and leading not-for-profit professional supply management organization worldwide. Its community of more than 50,000 in more than 100 countries manage about US$1 trillion in corporate and government supply chain procurement annually. Founded in 1915 by practitioners, ISM is committed to advancing the practice of supply management to drive value and competitive advantage for its members, contributing to a prosperous and sustainable world. ISM empowers and leads the profession through the ISM(®) Report On Business(®), its highly-regarded certification and training programs, corporate services, events, and assessments. The ISM(®) Report On Business(®), Manufacturing, Services, and Hospital, are three of the most reliable economic indicators available, providing guidance to supply management professionals, economists, analysts, and government and business leaders. For more information, please visit: www.ismworld.org.
The full text version of the Services ISM(®) Report On Business(®) is posted on ISM(®)'s website at www.ismrob.org on the third business day* of every month after 10:00 a.m. ET.
The next Services ISM(®) Report On Business(®) featuring November 2023 data will be released at 10:00 a.m. ET on Tuesday, December 5, 2023.
*Unless the New York Stock Exchange is closed.
Contact: Kristina Cahill
Report On Business
(R) Analyst
ISM(R), ROB/Research
Manager
Tempe, Arizona
+1 480.455.5910
Email:
kcahill@ismworld.org
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SOURCE Institute for Supply Management
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Fresco Raises EUR15m Series C to Power the Future of AI-Driven Cooking and the Connected Kitchen Ecosystem | Jan 22, 2026
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Cellid and Jig.jp Jointly Develop AR Glasses | Jan 22, 2026
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