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Data from FMP. Forecasts by Sigmanomics Forecast Engine.
United KingdomUnited Kingdom S&P Global/CIPS UK Services PMI climbed to 53.4 in December 2023
FMPMonthlyReleased January 2024
United Kingdom S&P Global/CIPS UK Services PMI climbed to 53.4 in December 2023, released January 2024, up 2.5 from November's 50.9 reading. The reading matched the 52.7 consensus.
Latest Release
53.400000
Actual
52.700000
Consensus
50.900000
Previous
Median Absolute Error
±0.68
across last 12 releases
Last Call
Jan 2024
Predicted: 52.7
Actual: 53.4
Error: -0.7
Sigmacast Σ-direction model: consensus + ½ × mean(surprise, trailing 90d).
CORRELATED SYMBOLS— markets that historically move with this indicator
| Symbol | Direction | Correlation | Asset Class | Co-movement | Action |
|---|---|---|---|---|---|
| GBP/USD | ▲ Direct | +0.50 | FOREX | Moves with | → View |
| EUR/GBP | ▼ Inverse | −0.45 | FOREX | Moves against | → View |
| GBP/JPY | ▲ Direct | +0.40 | FOREX | Moves with | → View |
| FTSE 100 | ▲ Direct | +0.35 | INDEX | Moves with | → View |
| XAU/USD | ▼ Inverse | −0.30 | COMMODITIES | Moves against | → View |
Correlation based on 12-month rolling window. Click any symbol to view its Sigmanomics forecast page.
THE RELEASE
S&P Global/CIPS UK Services PMI (United Kingdom) was reported at 53.40 in December 2023. This beat the market consensus of 52.70 by 0.70. The reading rose from the previous value of 50.90. This is classified as a high-impact indicator released on a monthly basis.
WHY IT MATTERS
The indicator has been trending upward over the last three releases. The trailing three releases averaged 53.03, up from the prior three at 51.83.
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 0.68.
Auto-generated from current model state · Refreshes on each release · Last update January 2024.
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S&P Global/CIPS UK Services PMI - UK
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About S&P Global/CIPS UK Services PMI — United Kingdom
DEFINITION
The S&P Global/CIPS UK Services PMI is a widely recognized financial indicator that measures the performance of the UK services sector. It is based on a monthly survey of purchasing managers from various industries, providing valuable insights into the health and growth of the UK economy. This indicator is closely monitored by investors, businesses, and policymakers as it reflects the overall sentiment and trends in the services sector, which accounts for a significant portion of the UK's GDP.
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 (Dec 2023): actual 53.4, consensus 52.7. Prior reading (Mar 2023): 52.9. Before that (Mar 2023): 52.8.
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 headwind in the current projection. This indicator correlates most strongly with GBP/USD (Bullish GBP, r=0.50) — a useful reference for forex-focused traders.
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EXPECTED ZONE
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