ISM services activity little changed in November

Wednesday, December 03, 2025 at 15:00 UTC+01:00 (+0100), United States, N/A

News category : Macroeconomic Events

The Institute for Supply Management released its services PMI covering November, with an overall reading that was roughly unchanged and still indicative of modest expansion. Survey respondents highlighted weaker new orders and ongoing softness in services employment, even as input prices remained elevated. The mixed nature of the release reinforced a split macro narrative: services showing resilience relative to manufacturing, but with internal signs of slowing demand. Markets digested the print as another data point that supports conditional Fed decision making, keeping traders sensitive to upcoming labor and inflation releases. The report fed into portfolio rebalancing that favoured selective cyclical exposure while maintaining defensive hedges.

Overall market impact

Mild mixed market impact - strength score : 70/100

Detailed breakdown of market impact over instruments, sectors, and asset classes

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Impacted instruments :

US equities (services and consumer)

Interest-rate futures

USD FX pairs

Business services stocks

Credit spreads

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