This section below was published as a preview of the US ISM Services PMI report for July at 09:00 GMT. The US ISM Services PMI is expected to improve a tad in July. What to expect from the ISM Services PMI report? Against that backdrop, an ISM Services PMI that lands in line with expectations probably won’t move the US Dollar (USD) much. Economic Indicator ISM Services PMI The Institute for Supply Management (ISM) Services Purchasing Managers Index (PMI), released on a monthly basis, is a leading indicator gauging business activity in the US services sector, which makes up most of the economy.