The IHS Markit/CIPS UK Services PMI was revised lower to 51.4 in October of 2020 from a preliminary of 52.3 but still pointing to the 4th straight month of growth in the services sector although at a slower pace. Growth was often linked to a continued recovery in business operations after the national lockdown and the restart of work on delayed projects. Some firms cited a boost from higher housing market transactions and a rebound in demand from clients in the construction sector. In contrast, there were signs of a sharp reversal in demand conditions, with new work falling for the first time since June amid tightening restrictions on trade due to the coronavirus pandemic. Also, employment dropped again for the eighth consecutive month, primarily linked to redundancies in response to shrinking revenues during the pandemic. Meanwhile, the degree of confidence slipped to its lowest since May. source: Markit Economics
Services PMI in the United Kingdom averaged 53.13 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 November of 2020.
Services PMI in the United Kingdom is expected to be 49.20 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 53.20 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.