The S&P Global/CIPS UK Services PMI was revised higher to 48.8 in October of 2022 from a preliminary of 47.5, still pointing to the first overall decline in output since February 2021. Lower volumes of service sector output were mostly linked to cautious spending patterns among businesses and consumers. A number of firms noted that political uncertainty since the mini-Budget had adversely impacted business investment and encouraged a wait-and-see approach to new projects. New business volume and new work from abroad fell for the second month running, and the rate of job creation was the slowest since March 2021. On the price front, input cost inflation was the least marked since September 2021, with some service sector firms citing reduced freight rates and softer raw material prices. Looking forward, optimism slumped to its lowest since April 2020. source: Markit Economics

Services PMI in the United Kingdom averaged 53.34 points from 2007 until 2022, 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 November of 2022.

Services PMI in the United Kingdom is expected to be 50.00 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 53.60 points in 2023 and 54.30 points in 2024, according to our econometric models.

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United Kingdom Services PMI



Related Last Previous Unit Reference
Services PMI 48.80 50.00 points Oct 2022
Manufacturing PMI 46.20 48.40 points Oct 2022
Composite PMI 48.20 49.10 points Oct 2022

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
48.80 50.00 62.90 13.40 2007 - 2022 points Monthly

News Stream
UK Services Sector Shrinks for 1st Time since February 2021
The S&P Global/CIPS UK Services PMI was revised higher to 48.8 in October of 2022 from a preliminary of 47.5, still pointing to the first overall decline in output since February 2021. Lower volumes of service sector output were mostly linked to cautious spending patterns among businesses and consumers. A number of firms noted that political uncertainty since the mini-Budget had adversely impacted business investment and encouraged a wait-and-see approach to new projects. New business volume and new work from abroad fell for the second month running, and the rate of job creation was the slowest since March 2021. On the price front, input cost inflation was the least marked since September 2021, with some service sector firms citing reduced freight rates and softer raw material prices. Looking forward, optimism slumped to its lowest since April 2020.
2022-11-03
UK Services Sector Contracts for 1st Time in 20 Months
The S&P Global/CIPS UK Services PMI fell to 47.5 in October of 2022 after stagnating in the previous month, well below expectations of 49 and marking the first contraction in the British service sector activity since February of 2021. Output declined sharply in the period, largely due to squeezed household budgets, recession worries, and delayed business investing. On the other hand, firms signaled strong growth in staff hiring. On the price front, service sector businesses reported high rates of input cost inflation amid larger staff wages and energy bills, in addition to pressure from a lower sterling. Looking forward, optimism levels fell to a two-and-a-half year lows.
2022-10-24
United Kingdom Services PMI Revised Higher
The S&P Global/CIPS UK Services PMI was revised higher to 50 in September of 2022 from a preliminary of 49.2, showing the services sector avoided a contraction in Q3. Still, it is the lowest reading in 19 months, signalling a loss of momentum amid amid falling volumes of incoming new work. Shrinking client demand was widely attributed to pressure on household budgets from escalating inflation, alongside widespread pessimism about the economic outlook. Also, job growth slowed but input cost inflation edged down from May's peak. Meanwhile, business expectations for the year ahead dropped to the lowest since May 2020 as the energy crisis, global recession concerns and rising interest rates had all weighed on business optimism.
2022-10-05