The S&P Global/CIPS UK Services PMI was revised higher to 54.3 in June of 2022 from a preliminary estimate of 53.4, picking up from the 53.4 in the prior month. The rebound was underpinned by a sharp increase in business activity during the month amid rising consumer spending on travel, leisure, and events. Still, firms surveyed noted less favorable demand conditions as new work grew at the slowest pace in 16 months, despite strong export sales. Meanwhile, data from June pointed to continued job creation in the services sector, although companies cited difficulties in recruitment and retention of employees. On the price front, rising costs for energy, fuel, and staff wages carried the cost inflation to near survey-records touched last month, with firms significantly hiking prices charges as well. Looking forward, business confidence in the sector fell to its lowest since May of 2020 amid rising recession risks, lower demand, and high inflation. source: Markit Economics
Services PMI in the United Kingdom averaged 53.40 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 July of 2022.
Services PMI in the United Kingdom is expected to be 53.80 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.