Loading page content
Data from FMP. Forecasts by Sigmanomics Forecast Engine.
United KingdomUnited Kingdom Markit/CIPS UK Services PMI climbed to 61 in February 2022
FMPMonthlyReleased March 2022
United Kingdom Markit/CIPS UK Services PMI climbed to 61 in February 2022, released March 2022, up 0.5 from January's 60.5 reading. The print exceeded the 58 consensus by 3.
Latest Release
61.000000
Actual
58.000000
Consensus
60.500000
Previous
Median Absolute Error
±1.28
across last 12 releases
Last Call
Mar 2022
Predicted: 58.47
Actual: 61
Error: -2.53
Sigmacast Σ-direction model: consensus + ½ × mean(surprise, trailing 90d).
CORRELATED SYMBOLS— markets that historically move with this indicator
| Symbol | Direction | Correlation | Asset Class | Signal Bias | Action |
|---|---|---|---|---|---|
| GBP/USD | ▲ Direct | +0.50 | FOREX | Bullish GBP | → View |
| EUR/GBP | ▼ Inverse | −0.45 | FOREX | Bearish EUR | → View |
| GBP/JPY | ▲ Direct | +0.40 | FOREX | Bullish GBP | → View |
| FTSE 100 | ▲ Direct | +0.35 | INDEX | Bullish UK | → View |
| XAU/USD | ▼ Inverse | −0.30 | COMMODITIES | Watch | → View |
Correlation based on 12-month rolling window. Click any symbol to view its Sigmanomics forecast page.
THE RELEASE
Markit/CIPS UK Services PMI (United Kingdom) was reported at 61.00 in February 2022. This beat the market consensus of 58.00 by 3.00. The reading rose from the previous value of 60.50. This is classified as a medium-impact indicator released on a monthly basis.
WHY IT MATTERS
The trailing three releases averaged 60.77, up from the prior three at 53.67.
THE MODEL'S TAKE
Historically, this indicator is positively correlated with GBP/USD (Bullish GBP). A secondary relationship exists with EUR/GBP, negatively correlated (Bearish EUR). Over the last 12 releases, the Sigmacast model's median absolute error is 1.28.
WHAT TO WATCH NEXT
Same-country events in the next 14 days include Inflation Rate MoM (Jun 17) and Core Inflation Rate YoY (Jun 17).
Auto-generated from current model state · Refreshes on each release · Last update March 2022.
SHARE
Markit/CIPS UK Services PMI - UK
Loading chart data...
About Markit/CIPS UK Services PMI — United Kingdom
DEFINITION
Markit/CIPS UK Services PMI is a widely recognized financial indicator that measures the performance of the UK services sector. It provides valuable insights into the health of the economy by tracking changes in business activity, new orders, and employment levels within the services industry. This data is collected through surveys of purchasing managers and is considered a key indicator of economic growth and inflationary pressures. The Markit/CIPS UK Services PMI is closely monitored by investors, policymakers, and businesses to make informed decisions and forecasts about the UK economy.
WHY THIS INDICATOR MATTERS
Sentiment surveys are forward-looking inputs that often lead hard data on output and hiring. Sharp swings can drive cross-asset repricing. Surprises against consensus can drive short-term moves, particularly when the print breaks an established trend. Released monthly.
WHAT CHANGED THIS MONTH
Latest reading (Mar 2022): actual 61, consensus 58. Prior reading (Feb 2022): 60.5. Before that (Feb 2022): 60.8.
WHAT'S NEXT
Sigmacast's 1-month forecast points to a similar reading versus the latest print, with the 3-month outlook reinforcing that direction. Both horizons are aligned bullish for this indicator, suggesting a consistent trend signal. Trend-driven dynamics are the primary tailwind in the current projection. This indicator correlates most strongly with GBP/USD (Bullish GBP, r=0.50) — a useful reference for forex-focused traders.