The S&P Global UK Services PMI rose to 53.7 in August of 2024 from 52.5 in the previous month, revised higher from 53.3, and well above the initial market consensus of 52.8, to extend the strong momentum for British service providers. It marked the tenth consecutive expansion in British services activity, at the sharpest pace since April. Inflows of new business expanded sharply, with survey respondents linking the higher demand with the improving economic backdrop, the prospect of lower borrowing costs, and lower political uncertainty following July’s general election. Also supporting output, firms noted a marked reduction in the backlogs of work in the period. Consequently, the higher demand for capacity drove employment numbers to increase. On the price front, input cost inflation fell to its lowest since January 2021, as lower costs for energy offset a sharp rise in wage pressures. Looking ahead, business activity expectations for the upcoming year remained upbeat. source: S&P Global
Services PMI in the United Kingdom increased to 53.70 points in August from 52.50 points in July of 2024. Services PMI in the United Kingdom averaged 53.23 points from 2007 until 2024, reaching an all time high of 62.90 points in May of 2021 and a record low of 13.40 points in April of 2020. This page provides the latest reported value for - United Kingdom Services PMI - plus previous releases, historical high and low, short-term forecast and long-term prediction, economic calendar, survey consensus and news. United Kingdom Services PMI - data, historical chart, forecasts and calendar of releases - was last updated on September of 2024.
Services PMI in the United Kingdom increased to 53.70 points in August from 52.50 points in July of 2024. Services PMI in the United Kingdom is expected to be 55.00 points by the end of this quarter, according to Trading Economics global macro models and analysts expectations. In the long-term, the United Kingdom Services PMI is projected to trend around 52.00 points in 2025 and 53.20 points in 2026, according to our econometric models.