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The ISM Services PMI is a monthly report issued by the Institute for Supply Management that tracks business conditions in the U.S. non-manufacturing sector. A reading above 50 indicates expansion in the services sector, while a reading below 50 signals contraction. Since the services sector represents over two-thirds of the U.S. economy, this indicator is a vital gauge of overall economic health.
The index is based on a survey of more than 400 purchasing and supply executives. It is a composite index calculated from four equally weighted sub-components: Business Activity, New Orders, Employment, and Supplier Deliveries.
No sustained trend detected for ISM Services PMI (Feb). Forecast accuracy is 62% over 2 readings. The release is expected near the consensus forecast of 53.