United Kingdom Services PMI
Mar 31, 2023
Time to Release
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. .
The S&P Global/CIPS UK Services PMI went down to 52.8 in March 2023 from 53.5 in February, below market expectations of 53, preliminary estimates showed. New orders growth accelerated due to improved client confidence, resilient demand for consumer services and a boost to spending from falling inflationary pressures. Meanwhile, job creation hit a three-month low in the service economy. On the price front, service providers continued to signal a much steeper rise in input prices than manufacturing companies. Looking ahead, confidence across the service economy was unchanged since February, despite recent volatility across global financial markets.
United Kingdom Services PMI History
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