The IHS Markit/CIPS UK Services PMI came in at 49.5 in February 2021, slightly weaker than the flash estimate of 49.7 and compared with January's eight-month low of 39.5. Still, the latest reading signaled the softest rate of decline since the current phase of contraction began in last November, as the country remains under lockdown. New order volumes decreased only marginally, despite a sharp decline in new work from abroad, while backlogs of work fell again due to a lack of forward-bookings and reduced pressure on business capacity. At the same time, the pace of job shedding was the slowest since the COVID-19 pandemic first hit employment numbers last March, helped by the government's furlough scheme. On the price front, input cost inflation hit a 12-month high, while output charges rose the most since February 2020. Looking ahead, business optimism improved to the strongest level since December 2006. source: Markit Economics
Services PMI in the United Kingdom averaged 52.97 points from 2007 until 2021, 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 March of 2021.
Services PMI in the United Kingdom is expected to be 51.00 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 52.00 in 12 months time. In the long-term, the United Kingdom Services PMI is projected to trend around 52.90 points in 2022, according to our econometric models.