The S&P Global/CIPS UK Services PMI contracted to 48.7 in August 2023, down from 51.5 in the previous month and missing market forecasts of 51, preliminary estimates showed. It was the first contraction since January amid sluggish domestic economic conditions and higher borrowing costs. New orders dropped to its sharpest pace since November 2022, while output decreased at its joint-fastest in over two and a half years. Meanwhile, job creation grew marginally and at its slowest pace since March. On prices, input costs moderated to an over two-year low as the lower energy and material prices offset higher wages. Subsequently, output charges eased for the fourth month and to its lowest for two and a half years. Finally, optimism in the service sector signaled a modest drop, linked to concerns over the economic outlook and the impact of elevated borrowing costs on consumer spending. source: Markit Economics

Services PMI in the United Kingdom averaged 53.27 points from 2007 until 2023, 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 August of 2023.

Services PMI in the United Kingdom is expected to be 49.10 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 53.30 points in 2024 and 53.50 points in 2025, according to our econometric models.

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United Kingdom Services PMI



Related Last Previous Unit Reference
Services PMI 48.70 51.50 points Aug 2023
Manufacturing PMI 42.50 45.30 points Aug 2023
Composite PMI 47.90 50.80 points Aug 2023

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. .
Actual Previous Highest Lowest Dates Unit Frequency
48.70 51.50 62.90 13.40 2007 - 2023 points Monthly

News Stream
UK Service Sector Unexpectedly Contracts
The S&P Global/CIPS UK Services PMI contracted to 48.7 in August 2023, down from 51.5 in the previous month and missing market forecasts of 51, preliminary estimates showed. It was the first contraction since January amid sluggish domestic economic conditions and higher borrowing costs. New orders dropped to its sharpest pace since November 2022, while output decreased at its joint-fastest in over two and a half years. Meanwhile, job creation grew marginally and at its slowest pace since March. On prices, input costs moderated to an over two-year low as the lower energy and material prices offset higher wages. Subsequently, output charges eased for the fourth month and to its lowest for two and a half years. Finally, optimism in the service sector signaled a modest drop, linked to concerns over the economic outlook and the impact of elevated borrowing costs on consumer spending.
2023-08-23
UK Services Sector Growth Slows for 3rd Month
The S&P Global/CIPS UK Services PMI was confirmed at 51.5 in July of 2023, down from 53.7 in June, to signal the third consecutive month of slowing activity across the country's service sector in the current sequence of growth that began in February. Both activity levels and new work expanded at much slower rates than in the previous month. Also, the rate of job creation eased from June's nine-month high amid some reports that hiring freezes had delayed the replacement of departing staff. On the price front, the overall rate of input price inflation edged up since June and remained historically elevated, largely driven by higher wages. In turn, output charge inflation eased to its lowest since March, with some firms citing discounting due to competition for new work and others noting lower fuel costs. Finally, business confidence weakened for the fourth consecutive month, reaching the lowest since January amid concerns about the impact of higher interest rates on customer demand.
2023-08-03
UK Service Sector Growth Cools in July
The S&P Global/CIPS United Kingdom Services PMI dropped to 51.5 in July 2023, down from 53.7 the previous month and below market expectations of 53.0, a preliminary estimate showed. The latest reading pointed to the weakest pace of expansion in the country's service sector since January. This decline was attributed to weaker residential property market conditions and cutbacks to discretionary business and consumer spending. Inflows of new orders rose marginally, and business optimism weakened to the lowest level so far this year, driven by concerns about the impact of higher borrowing costs on customer demand. Finally, inflationary pressures continued to ease.
2023-07-24