Service industries: Key Economic Indicators

The service industries include the retail sector, the financial sector, the public sector, business administration, leisure and cultural activities.

The service industries accounted for 81% of total UK economic output (Gross Value Added) and 83% of employment in April–June 2024.

Services Output

There was an increase of 0.1% in the Index of Services between July and August 2024.

Services output increased by 0.1% in the three months to August 2024 compared with the three months to May 2024.

In the three months to August 2024, compared with the three months to August 2023, services output increased by 1.4%.

Purchasing Managers’ Index (PMI)

In the S&P Global/CIPS PMI, a value of 50 means that there is no change in activity compared to the previous month. Values above 50 indicate an expansion, and values below 50 a contraction.

The UK services PMI (PDF) in September was 52.4, down from 53.7 in August. Demand and new business were up, as were expectations for future business. However, cost burdens also increased, and the rate of job creation was the slowest in three months.

This briefing is part of our Economic Indicators series. Visit the main Economic Indicators page to see data on other parts of the economy.