UK Final Services PMI

PMI® survey data from S&P Global illustrated that the post-election upturn in business activity and new work was sustained in August. This was accompanied by easing inflationary pressures across the service economy. The headline seasonally adjusted S&P Global UK Services PMI® Business Activity Index registered 53.7 in August, up from 52.5 in July and above the neutral 50.0 threshold for the tenth consecutive month. Business activity growth has now rebounded to its highest since April. Although indicative of a solid upturn in service ...

Latest PMI® survey data from S&P Global showed a further expansion in business activity across the UK's service sector, with growth accelerating slightly since June. Supporting higher output at service providers was the strongest upturn in demand since May 2023. Greater new business wins were also secured in overseas markets. Employment in the UK service sector rose at the fastest pace in over a year, while business confidence rebounded from June's recent low. As for prices, July survey data revealed further stubbornness as both ...

The UK service sector continued to register greater levels of business activity at the end of the second quarter, stretching the current sequence of growth to eight months. However, more momentum was lost in June, with the upturn at its weakest since November last year as the upcoming general election reportedly led clients to adopt a "wait-and-see" approach before placing orders and commissioning new projects. Indeed, new business intakes rose at a historically subdued pace, while the pace of job creation also eased. Meanwhile, cost ...

The UK services economy grew further midway through the second quarter, although some momentum was lost as expansions in business activity and new orders eased from their 11-month highs seen in April. Nevertheless, there were slight pick-ups in jobs growth and the level of business confidence. Of note was a substantial cooling in the rate of input cost inflation, which fell to its weakest since February 2021. This fed through to output prices, as companies were less aggressive with their price setting. Overall charges for UK services ...

UK service providers recorded a robust and accelerated upturn in business activity during April, supported by a renewed strengthening of order books. Survey respondents often commented on a boost to sales from improving client confidence and signs of a turnaround in underlying economic conditions. That said, the rate of job creation was only marginal and the lowest in 2024 so far as firms typically opted to remain focussed on limiting margin pressures. Higher wages, partly driven by a considerable rise in the National Living Wage in ...

March data pointed to a solid increase in business activity across the service economy, which extended the current period of expansion to five months. That said, the latest survey indicated a loss of momentum since February, largely due to a weaker rise in new work. Survey respondents noted that improving underlying economic conditions had helped to support service sector growth, although squeezed disposable household incomes and elevated interest rates again weighed on demand. Strong wage pressures and rising transport costs pushed ...

UK service providers experienced a sustained increase in business activity in February, supported by stronger new order growth and aided by another modest rise in employment numbers. The overall rate of output growth was only slightly softer than January's eight-month high. Moreover, output growth projections for the year ahead were the most upbeat since February 2022. Input price inflation meanwhile accelerated in February and was the highest for five months, mostly due to elevated wage pressures. Some firms also noted rising ...

January data signalled a solid increase in business activity across the UK service economy, which extended the current period of expansion to three months. Higher levels of output were supported by a sustained rise in new orders. Survey respondents typically commented on improved confidence among clients due to strengthening economic conditions and expected interest rate cuts. Service providers noted that strong wage pressures continued to push up operating expenses, although these were partly offset by lower fuel costs and raw ...