The S&P Global/CIPS UK Services PMI was revised higher to 53.4 in May of 2022 from a preliminary estimate of 51.8, but remaining well below the 58.9 from the prior month. The latest reading pointed to the weakest growth in services activity since February of 2021, reflected by a further slowdown in new order growth and new business expansions, with some service providers citing lower demand due to higher prices charged, while others stated supply shortages hampered consumer spending. Still, data from May pointed to another period of robust job growth in the sector, extending the previous month’s increase by a similar magnitude, even though surveyors reported low application numbers to fill vacancies. On the price front, escalating costs for energy, fuel, and raw materials, alongside significant wage increases, drove inflationary pressures to a survey high. Looking forward, softer demand and inflationary concerns pressed business sentiment to a 17-month low. 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 June of 2022.
Services PMI in the United Kingdom is expected to be 54.40 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.