The ISM Services PMI (Purchasing Managers' Index) is due Tuesday, 5 December 2023 at 10am US Eastern time.
The range of estimates is 50.5 to 53.5, results outside of this range should be more likely to generate an extended market response.
![ism services PMI November 2023 expected](https://images.forexlive.com/images/ism%20services%20PMI%20November%202023%20expected_id_6e7bff23-a67c-4524-97a3-4694e613669e_size900.jpg)
Its released by the Institute for Supply Management (ISM)
- based on a survey of purchasing managers in the services sector, they are asked to report on various aspects of their business activity, including new orders, inventory levels, production, supplier deliveries, and employment.
- the headline index is derived from individual indices from such components, at differing weighs for each component
- above 50 percent indicates that the services sector is generally expanding, while below 50 suggests that it is generally contracting
- the distance from 50 percent gives an indication of the strength of the expansion or contraction
The services sector constitutes a significant part of the U.S. economy, and the ISM Services PMI is closely watched as a key indicator of economic health.
A significant beat of the estimate will be viewed by traders as making near-term rate cuts from the Federal Open Market Committee (FOMC) less likely. A significant miss will be viewed as likely to hasten rate cuts. Expectations in the market are for a flurry of rate cuts from the Committee in 2024. We'll see.