FX.co ★ ISM Services PMI at 9-Month High

In November 2025, the ISM Services PMI for the United States rose to 52.6, up from 52.4 in October, signaling the strongest growth in the services sector in nine months and surpassing forecasts of 52.1. This growth is reflected in the steady expansion of both business activity, which increased to 54.5 from 54.3, and new orders, which, despite a drop to 52.9 from 56.2, still indicate continued demand. Additionally, the backlog of orders reached its highest level since February, rising to 49.1 from 40.8, suggesting a potential recovery for the sector. However, companies continue to cite tariffs and the government shutdown as factors negatively affecting both demand and costs. Employment figures remained in contraction territory at 48.9, slightly better than October's 48.2, while supplier deliveries reached their highest level since October 2024, at 54.1 from 50.8. This rise indicates slower delivery times, likely due to disruptions in air traffic caused by the government shutdown and customs delays stemming from evolving tariff regulations. On a positive note, price pressures have lessened, reaching the lowest point in seven months at 65.4, compared to 70 previously.