United Kingdom Services PMI

Last Release

Jul 31, 2024

Actual

52.5

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 fell to 52.4 in September 2024, down from 53.7 in August and revised lower from an initial estimate of 52.8. Although the growth pace moderated, overall business activity stayed robust, driven by rising domestic demand, especially in sectors like technology, real estate, and leisure services. New business volumes continued to expand near the 14-month peak observed in July. Export orders, however, grew more slowly compared to overall new work, signaling weaker overseas demand as a persistent challenge. Employment gains also lost momentum, with staff hiring falling significantly since August to reach a three-month low. On the price front, cost pressures intensified mainly due to increased wages. Despite this, competitive pressures restricted the ability to raise prices, leading to the slowest increase in output charges since February 2021. Looking ahead, business activity expectations for the upcoming year remained upbeat.