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The ISM Services PMI declined to 54.0 in March 2026 from 56.1 in February, when it reached its highest level since August 2022, and came in below market expectations of 55. The latest reading signaled a moderation in services activity, driven by slower business activity (53.9 vs. 59.9) and the first decline in employment in four months (45.2 vs. 51.8).
At the same time, the prices index jumped to 70.7 in March, the highest level since October 2022, from 63.0 in February, reflecting rising oil and fuel costs. The supplier deliveries index also pointed to slower performance compared with February (56.2 vs. 53.9), in line with ongoing shipping disruptions and flight cancellations linked to the Middle East conflict and winter weather.
Meanwhile, inventories (54.8 vs. 56.4) and order backlogs (53.6 vs. 55.9) both eased, while new orders accelerated (60.6 vs. 58.6). “The predominant commentary this month was about impacts and adjustments due to the conflict with Iran and the expected flow-through of higher oil prices at some point,” said Steve Miller, Chair of the ISM.
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