House of Commons Library

Service industries: Key Economic Indicators

Published Monday, March 6, 2017

Service industries: Data for the sector that incorporates the retail sector, the financial sector, the public sector, business administration and cultural activities.

Jump to full report >>

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

In 2015, the service industries accounted for 80% of total UK economic output (Gross Value Added) and accounted for 84% of jobs in September 2016.

Services Output

Output increased by 0.2% in December compared to November.

Compared with a year before, it has increased by 2.8%.

 

Purchasing Managers’ Index (PMI)

The Markit/CIPS UK Services PMI is an important indicator of output and confidence in the sector.

In February 2017 the index was 53.3, down from 54.5 in January, signifying the index’s second successive monthly fall.

July’s substantial fall (to 47.4) after the EU referendum has proved to be temporary with the levels for the end of the year similar to those seen shortly before the EU referendum. The index has now remained above 50.0 for six consecutive months (a figure above 50 indicates that output is increasing).

Puchasing managers index for services

Commons Briefing papers SN02786

Author: Gloria Tyler

Topics: Economic situation, Service industries

Share this page

Stay up to date

  • Subscribe to RSS feed Subscribe to Email alerts Commons Briefing papers

House of Commons Library

The House of Commons Library provides research, analysis and information services for MPs and their staff.