The September 2026 ISM Services PMI printed at 54.9, down 0.5 points from August amid softer business activity and new orders, yet remained in expansion for the 27th straight month. Elevated input costs drove the prices index to 74.0—its highest since mid-2022—reflecting fuel spikes, tariffs, and supply-chain strains that lengthened supplier deliveries. Employment edged back above 50, while backlogs strengthened. With the October reading due November 4, trader consensus around the 54.0–55.9 bands mirrors this recent moderation tempered by sticky price pressures and resilient domestic demand. Key swing factors include upcoming labor-market data, inflation prints, and any shifts in monetary-policy expectations that could influence services momentum.