Prior month 53.8ISM non- manufacturing PMI for February 56.1 versus 53.5 estimate.Nonmanufacturing business activity 59.9 vs 57.4 last monthemployment index 51.8 vs 50.3 last month.New orders 58.6 vs 53.1 last month.Prices paid 63.0 vs 66.6 last month. The index has exceeded 60 percent for 15 straight months, but February’s reading is its lowest since March 2025 (61.4 percent).Inventories 56.4 versus 45.1 last month.Supplier deliveries 53.9 versus 54.2 last monthBacklog of orders 55.9 versus 44.0 last month.New export orders 57.2 versus 45.0 last monthimports 51.8 versus 40.2 last monthinventory assessment 55.3 versus 54.3 last month.Other details:Its 20th month in a row in expansion territory.Services index was the highest level since July 2022The Supplier Deliveries Index registered 53.9 percent, 0.3 percentage point lower than the 54.2 percent recorded in January. This is the 15th consecutive month that the index has been in expansion territory, indicating slower supplier delivery performance.A reading of above 50 percent indicates slower deliveries, which is typical as the economy improves and customer demand increases.What is it?The ISM Non-Manufacturing PMI (also called the ISM Services PMI) is a monthly survey published by the Institute for Supply Management (ISM) that measures the health and direction of the U.S. services sector, which accounts for roughly two-thirds of the U.S. economy. The index is based on responses from purchasing and supply executives across industries such as retail, finance, healthcare, transportation, construction, and professional services. Participants report whether business conditions—such as business activity, new orders, employment, supplier deliveries, and prices—are improving, unchanged, or deteriorating compared with the previous month. These responses are compiled into diffusion indices where a reading above 50 indicates expansion in the services sector, while a reading below 50 signals contraction. Because the services sector represents the majority of economic activity in the United States, the ISM Non-Manufacturing PMI is widely watched by economists, investors, and policymakers as an early indicator of economic momentum, inflation pressures, and labor market trends. This article was written by Greg Michalowski at investinglive.com.