The ISM Services PMI in the US edged up to 54.1 in July 2026, compared to 54 in June and below forecasts of 54.5, continuing to point to expansion in the services sector. “Tariff impacts and the Middle East conflict continued to be mentioned by respondents, but much less frequently than in prior reports. The World Cup was again cited in the comments regarding increased business activity and new orders. Overall, the U.S. services economy continues to be resilient. Concerns still exist regarding mortgage and inflation rates, and we are still in the midst of pricing impacts due to the recent run-up in petroleum costs”, according to Steve Miller, Chair of the ISM Services Business Survey Committee.