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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 82% of employment in January–March 2024.

Services Output

There was an increase of 0.3% in the Index of Services between April and May 2024.

Services output increased by 1.1% in the three months to May 2024 compared with the three months to February 2024.

In the three months to May 2024, compared with the three months to May 2023, services output increased by 1.3%.

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 June was 52.1, down from 52.9 in May. Although business activity continued to expand, the rate of growth was weaker than in previous months as clients held off on orders because of uncertainty caused by the general election. Growth in employment was only just positive, and operating expenses continued to rise.


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