Traders and market observers will face a concentrated block of U.S. economic releases on Monday, April 6, 2026, with the Institute for Supply Management's Non-Manufacturing PMI set to arrive at 10:00 AM ET. The ISM reading is one of the primary metrics used to assess the health of the services-dominated portion of the economy and will deliver updated information on business activity, employment trends and pricing pressures within the non-manufacturing sector.
The ISM Non-Manufacturing PMI is forecast at 55.0, down from a previous reading of 56.1. Market participants typically use this composite index - which draws on business activity, new orders, employment and supplier deliveries - to gauge the overall pulse of the services sector, which represents a substantial share of economic output.
Alongside the headline PMI, several subcomponents of the ISM report will be published at 10:00 AM ET and provide more granular information:
- ISM Non-Manufacturing Employment - previous: 51.8. This component measures employment trends within the services sector as reported in the broader ISM Non-Manufacturing release.
- ISM Non-Manufacturing New Orders - previous: 58.6. This index tracks the level of new orders placed with non-manufacturing firms and serves as an indicator of expected future activity.
- ISM Non-Manufacturing Business Activity - previous: 59.9. This reading reflects the current level of business activity in the services sector compared with the prior month.
- ISM Non-Manufacturing Prices - previous: 63.0. This component signals pricing pressures within the non-manufacturing sector, offering insight into inflationary trends in services industries.
- CB Employment Trends Index - previous: 105.37. Also scheduled for 10:00 AM ET, this index is an aggregate measure of eight labor-market indicators compiled by The Conference Board.
Following the data suite, the U.S. Treasury will hold two short-term bill auctions at 11:30 AM ET. The prior results for these instruments are provided for context:
- 3-Month Bill Auction - previous yield: 3.620%.
- 6-Month Bill Auction - previous yield: 3.605%.
Together, the ISM Non-Manufacturing report and the short-term Treasury auctions create a compact window of information that market participants often review to refine expectations for economic activity, employment in services, inflationary pressure in non-manufacturing sectors, and short-term funding conditions. The ISM release will provide a snapshot of conditions across business activity, new orders, employment and prices within services industries; the bill auctions will show how the market prices short-term government debt at the time of sale.
For traders and analysts tracking these items, the timing is concentrated in the late morning, with the ISM and related indices at 10:00 AM ET and the Treasury bill auctions at 11:30 AM ET.
Key points
- The ISM Non-Manufacturing PMI, due at 10:00 AM ET, is forecast at 55.0, down from a prior 56.1 and assesses the services sector using a composite of activity, orders, employment and supplier deliveries.
- Several ISM subcomponents and The Conference Board's CB Employment Trends Index are scheduled at 10:00 AM ET and offer detailed readings on employment, new orders, business activity and prices.
- Short-term Treasury bill auctions for three- and six-month maturities take place at 11:30 AM ET, with prior yields of 3.620% and 3.605% respectively, highlighting a concurrent focus on short-term funding conditions.
Risks and uncertainties
- Actual ISM outcomes may differ from the forecast of 55.0; the release could therefore influence market interpretation of services-sector momentum and related indicators.
- Variability in the ISM subcomponents - including employment, new orders, business activity and prices - introduces uncertainty about the internal dynamics of the services sector at the time of reporting.
- Results from the three- and six-month Treasury bill auctions, compared with prior yields, could affect short-term funding market dynamics and pricing for short-dated government debt.