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.



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United Kingdom Services PMI
The S&P Global/CIPS UK Services PMI (Purchasing Managers' Index) is based on data collected from companies in the transport and communication sector, financial intermediation, business services, personal services, computing and IT and hotels and restaurants. The index tracks variables such as sales, employment, inventories and prices. A reading above 50 indicates that the services sector is generally expanding; below 50 indicates that it is generally declining..


News Stream
UK Services PMI Revised Higher
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.
2024-09-04
UK Services Activity Quickens More than Expected
The S&P Global UK Services PMI rose to 53.3 in August of 2024 from 52.5 in the month before, above market expectations of 52.8, according to a flash estimate. It was the tenth consecutive period of expansion in the British services activity, and the strongest since April, driven by greater business and consumer spending. Both new orders and employment increased robustly. Regarding price development, cost pressures continued to moderate across the service sector, amid reports of fewer supplier surcharges and more competitive market conditions. Despite this, service providers continued to experience high wage inflation. Lastly, business activity expectations for the year ahead were relatively upbeat, despite easing since July.
2024-08-22
UK Services PMI Revised Marginally Higher
The S&P Global UK Services PMI edged higher to 52.5 in July of 2024 from 52.1 in the previous month, revised slightly higher from the preliminary estimate of 52.4 and aligning with the initial market estimates to reflect the ninth consecutive period of expansion in the UK services sector activity. The faster growth rate contrasted with moderating increases noted in Britain’s Eurozone members, with new business rising the most since May 2023 as firms cited a solid backdrop of demand and new client wins, both domestically and abroad. The higher demand for capacity drove service providers to increase their headcounts at the fastest pace since last June. Still, backlogs of work were depleted for a fourteenth consecutive month. On the price front, both input costs and output charge inflation were near their softest since the start of the Covid pandemic. Looking forward, business confidence rose to a 5-month high.
2024-08-05