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.