Services PMI (MoM) (U.K.)
Event Date: Wednesday, August 23, 2023
Event Time: 08:30 CET
Updated Sunday, August 20, 2023
In May, UK Services increased to 51.0 points against 50.6 points expected. But, it turned lower again in June, falling to 50.2 points, which is pretty close to contraction. Although in July, this indicator showed some improvement as it increased to 51.4 points but it cooled off again in August to 50.5 points, missing expectations and it was expected to soften further to 50.3 points for September, but fell to 49.5 points, which means contraction. In October, the contraction deepened further, with this indicator falling to 48.6 points, which was revised to 49.3 points later which means contraction. Although, the last revision to 50.0 points shows that services just moved above contraction, while the first reading for January came at 52.9 and the second one was revised higher to 53.9. In February services softened again, in March they dived to 34.5 points. The situation got worse in April, with this indicator falling to a record low of 12.3 points, which was revised higher to 13.4 points, but that's still a deep recession. April was even worse, but in May we saw an increase to 29 points, which increased further to 47 points in June, which was revised up to 47.1 points. Although, we saw a jump in July and August to 60.1 points, but was revised to 58.8 points. In September they fell to 56.1 points, while in October they cooled further to 52.3 points, which was revised to 51.4 points later. In April this indicator jumped to 55.9 points but has bee slowing down since then and is expected to come at 50.9 points for this month. Please follow us for coverage of this event live by experienced market analysts.
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About Services PMI (MoM) (U.K.)
The U.K. Services PMI is a statistic that measures the economic situation for the U.K. services sector. It is a key representation of aggregate sales and employment levels. In comparison to the Manufacturing PMI, the Services PMI does not impact GDP positively or negatively. PMI Services is released by two private information outlets: Markit Economics and the Chartered Institute of Purchasing and Supply.It is important to note that a value of 50 is the baseline for the Services PMI. Values above 50 are a signal of expansion, while below 50 indicates a slowdown. Market participants are partial to higher values, as this is evidence of sectoral growth.In terms of volatility, the Services PMI is a secondary metric for the U.K. Although the service industry plays a large role in the U.K.’s economy, the Services PMI release does not spike volatility in the GBP to the degree of a primary metric.