According to the latest ISM Services PMI report, U.S. purchasing and supply executives indicated that economic activity in the services sector continued to expand in December. The Services PMI registered at 54.4%, not only bringing 2025 to a successful close but also marking the 10th consecutive month the index has remained in expansionary territory, while setting a record high for the year. Steve Miller, Chairman of the ISM Services Business Survey Committee, stated: “ This is the first time since February 2025 that all four PMI sub-indices have collectively remained in expansionary territory. The impact of tariffs and seasonal factors were common themes in the comments from surveyed experts. The Employment Index returned to expansion for the first time since May 2025, when it stood at 50.7%. The Prices Index (64.3%) was 1.8 percentage points below the 12-month average (66.1%). Respondents frequently cited holiday-related disruptions, as well as increased activity tied to year-end events or preparations for 2026.”