United Kingdom Services PMI

Last Release

Jul 31, 2024

Actual

52.4

Units In

Points

52.1

Frequency

Monthly

Next Release

N/A

Time to Release

N/A

Highest	Lowest	Average	Date Range	Source
62.9 May 2021	13.4 Apr 2020	53.23 Points	2007-2024	Markit Economics

The Markit/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. .

Latest Updates

The S&P Global UK Services PMI edged higher to 52.4 in July of 2024 from the year-to-date low of 52.1 in the previous month, loosely in line with market expectations of 52.5, according to a flash estimate. It was the ninth consecutive period of expansion in the British services activity, supported by new contracts rising at a significant pace from the previous month. Consequently, higher demand for services drove firms to increase their staffing numbers, despite a group of surveyees noting budget cuts. On the price front, input cost inflation eased to a 41-month low, amid softer costs of wages, tech equipment, and paper, allowing companies to slow down output charges. Looking forward, business confidence rebounded from its dip in June amid expectations of improved business and demand conditions, higher investment, interest rate cuts, and lower concerns of political instability following the conclusion of the UK’s election.