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

In 2019, the service industries accounted for 80% of total UK economic output (Gross Value Added). Services accounted for 81% of workforce jobs in April-June 2020.

Services Output

There was a rise of 6.1% in the Index of Services between June and July 2020.

There was a fall of 8.1% in services in the three months to July 2020 compared with the three months to April 2020.

In the three months to July 2020, compared with the three months to July 2019, services output decreased by 17.4%.

Purchasing Managers’ Index (PMI)

In the Markit/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 was 58.8 in August 2020, compared with 56.5 in July. This signalled the fastest pace of expansion in five years. However, despite the improvement in business conditions the rate of job shedding across the service sector was the highest since May.

Services PMI

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