- Analytics
- News and Tools
- Market News
- UK Final Services PMI revised higher to 53.6 in December
UK Final Services PMI revised higher to 53.6 in December
- UK Final Services PMI upwardly revised to 53.6 in December.
- GBP/USD holds a rebound above 1.3500 on the upbeat UK data.
- Eyes on US Jobless Claims, ISM Services PMI ahead of Friday’s NFP.
The UK services sector activity expanded more than expected in December, the final report from IHS Markit confirmed this Thursday.
The seasonally adjusted IHS Markit/CIPS UK Services Purchasing Managers’ Index (PMI) was revised higher to 53.6 in December versus 53.2 expected and a 53.2 – last month’s flash reading.
Key points
Worst month for service economy since February 2021.
Export sales hard-hit by renewed pandemic restrictions.
Service providers remain upbeat about year ahead prospects.
Tim Moore, Economics Director at IHS Markit, which compiles the survey
“December data revealed a severe loss of momentum for the UK economy as many customer-facing businesses experienced a drop in demand due to escalating COVID-19 cases.”
“Total new orders in the service sector increased at the weakest pace for 10 months. Mass cancellations of bookings in response to the Omicron variant led to a slump in consumer spending on travel, leisure and entertainment. Survey respondents also noted that renewed pandemic restrictions had slowed the recovery in business services.”
FX implications
GBP/USD is holding onto its rebound above 1.3500 on the above-forecast UK data. The spot is trading at 1.3512, down 0.30% on the day.
© 2000-2024. All rights reserved.
This site is managed by Teletrade D.J. LLC 2351 LLC 2022 (Euro House, Richmond Hill Road, Kingstown, VC0100, St. Vincent and the Grenadines).
The information on this website is for informational purposes only and does not constitute any investment advice.
The company does not serve or provide services to customers who are residents of the US, Canada, Iran, The Democratic People's Republic of Korea, Yemen and FATF blacklisted countries.
Making transactions on financial markets with marginal financial instruments opens up wide possibilities and allows investors who are willing to take risks to earn high profits, carrying a potentially high risk of losses at the same time. Therefore you should responsibly approach the issue of choosing the appropriate investment strategy, taking the available resources into account, before starting trading.
Use of the information: full or partial use of materials from this website must always be referenced to TeleTrade as the source of information. Use of the materials on the Internet must be accompanied by a hyperlink to teletrade.org. Automatic import of materials and information from this website is prohibited.
Please contact our PR department if you have any questions or need assistance at pr@teletrade.global.
Bank transfers
