The IHS Markit/CIPS UK Services PMI jumped to 56.6 in July 2020 from the previous month's 47.1 and well above market expectations of 51.5, a preliminary estimate showed. The latest reading signaled the fastest pace of expansion in the sector since July 2015 as many businesses continued to reopen following the COVID-19 lockdown. New orders returned to growth, while there were also reports that initial levels of demand had been weaker-than-expected. Meanwhile, employment continued to fall amid concerns about the speed of recovery, as well as a strong upturn in non-staff costs.
Services PMI in the United Kingdom averaged 53.09 points from 2007 until 2020, reaching an all time high of 62.50 points in October of 2013 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 July of 2020. source: Markit Economics
Services PMI in the United Kingdom is expected to be 45.00 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 54.00 in 12 months time. In the long-term, the United Kingdom Services PMI is projected to trend around 52.00 points in 2021 and 52.90 points in 2022, according to our econometric models.