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UK Services PMI index beats forecasts

This morning’s S&P Global/CIPS PMI survey suggests that activity in the UK’s dominant services sector continues to expand.

04 January 2024

The Services PMI data for the UK, which is essentially a survey of 650 purchasing managers across different businesses, advanced to a reading of 53.4 in December from 52.7 the previous month, marginally beating forecasts. A figure over 50 indicates expansion and this data is important in assessing the current state of the economy and how businesses view it. The survey’s inputs cover relative levels of business conditions, including new orders, inventories and employment, and the fact that conditions appear to have turned over the last two months from contraction to expansion is notable.

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Charles Hepworth

Investment Director
My Insights

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