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Data from FMP. Forecasts by Sigmanomics Forecast Engine.
United KingdomUnited Kingdom S&P Global/CIPS Services PMI held to 54.3 in January 2024
FMPMonthlyReleased February 2024
United Kingdom S&P Global/CIPS Services PMI held to 54.3 in January 2024, released February 2024. The reading matched the 54.1 consensus.
Latest Release
54.300000
Actual
54.100000
Consensus
54.300000
Previous
Median Absolute Error
±0.67
across last 12 releases
Last Call
Feb 2024
Predicted: 54.5
Actual: 54.3
Error: +0.2
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
S&P Global/CIPS Services PMI (United Kingdom) was reported at 54.30 in January 2024. This beat the market consensus of 54.10 by 0.20. The reading was unchanged from the previous release. This is classified as a high-impact indicator released on a monthly basis.
WHY IT MATTERS
The trailing three releases averaged 54.13, up from the prior three at 51.37.
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 0.67.
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 February 2024.
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S&P Global/CIPS Services PMI - UK
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About S&P Global/CIPS Services PMI — United Kingdom
DEFINITION
The S&P Global/CIPS Services PMI is a widely recognized financial indicator that measures the performance of the services sector in major economies around the world. It provides valuable insights into the health and growth of the services industry, which is a key driver of economic activity. This indicator is based on a monthly survey of purchasing managers in the services sector, and is considered a reliable and timely measure of business conditions and sentiment. Investors, policymakers, and businesses use the S&P Global/CIPS Services PMI to make informed decisions and assess the overall economic outlook.
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 (Feb 2024): actual 54.3, consensus 54.1. Prior reading (Jan 2024): 54.3. Before that (Jan 2024): 53.8.
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.