The IHS Markit/CIPS UK Services PMI was revised higher to 59.6 in July 2021, from a preliminary estimate of 57.8 and compared with 62.4 in the previous month. The index was the lowest since March and therefore signaled the slowest rate of expansion since the end of the lockdown, mostly due to staff shortages, supply chain issues and the end of the full stamp duty holiday for residential property sales. New business growth eased to a five-month low, even as new export orders increased at the fastest pace since June 2018, while the pace of job creation remained strong. Backlogs of work increased for the fifth successive month in July and the rate of accumulation was only slightly slower than June's record high. On the price front, both input costs and output charges increased at record rates. Finally, service sector companies remained highly upbeat about their growth prospects for the year ahead. source: Markit Economics
Services PMI in the United Kingdom averaged 53.19 points from 2007 until 2021, 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 August of 2021.
Services PMI in the United Kingdom is expected to be 55.10 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 52.90 points in 2022 and 53.60 points in 2023, according to our econometric models.