The IHS Markit/CIPS UK Services PMI increased to 52.9 in January 2020 from 50 in the previous month and above market forecasts of 51, a flash estimate showed. The latest reading pointed to the sharpest expansion in the services sector since September 2018, as business activity rose and new work went up at the fastest pace in sixteen months. Also, the job creation rate advanced at a marginal rate. Meanwhile, sales to clients in overseas markets remained subdued, continuing the downward trend seen in the final quarter of 2019. Looking ahead, sentiment reached its highest level since March 2015, driven by improved expectations for domestic demand and the global economic outlook.
Services PMI in the United Kingdom averaged 53.62 points from 2007 until 2020, reaching an all time high of 62.50 points in October of 2013 and a record low of 40.10 points in November of 2008. 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. source: Markit Economics
Services PMI in the United Kingdom is expected to be 50.40 points by the end of this quarter, according to Trading Economics global macro models and analysts expectations. Looking forward, we estimate Services PMI in the United Kingdom to stand at 52.50 in 12 months time. In the long-term, the United Kingdom Services PMI is projected to trend around 52.90 points in 2020, according to our econometric models.