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United Kingdom Services PMI

Last Release
Mar 31, 2024
Actual
53.1
Units In
Points
Previous
53.8
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 Points2007-2024Markit 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 eased to 53.1 in March of 2024 from 53.8 in the earlier month, revised lower from the preliminary estimate of 53.4 to mark the slowest expansion in four months. Despite the moderation, growth remained at a relatively high pace with new work registering another period of expansion. Companies reported resilient business and consumer spending despite elevated borrowing costs, especially for those with higher links to US and major European markets. Consequently, service providers continued to take in more jobs at an aggregate level, carried by the firms that saw reasons to be optimistic ahead due to expectations of rate cuts by the Bank of England. On the price front, input cost inflation remained broadly stable from the higher levels in the past six months, mostly due to rising salary payments, alongside increased fuel and transportation costs.

United Kingdom Services PMI History

Last 12 readings

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