Key facts
- S&P Global's UK services PMI rose to 52.8 in October from 52.1 in September, an eight-month high.
- The final October reading was below the preliminary flash estimate of 53.1.
- The survey's employment gauge rose 2 points, above 50 for the first time since September 2024.
- Input prices rose at the fastest rate since May, while the prices charged index cooled from September.
- The composite PMI rose to 52.9 in October from 52.0 in September, the highest since February.
- S&P Global said the survey pointed to continued economic resilience and to a likely Bank of England rate rise on Thursday.
UK services activity grew at its fastest pace in eight months in October, with the S&P Global UK Services Purchasing Managers' Index rising to 52.8 from 52.1 in September, a survey showed on November 4. The final reading was a little lower than the preliminary flash estimate of 53.1. Readings above 50 denote growth.
S&P Global Market Intelligence economics director Tim Moore said greater workloads were attributed to an improved pipeline of sales opportunities, particularly those linked to AI investment spending.
The survey's employment gauge rose 2 points, moving above the 50-point threshold for growth for the first time since September 2024. Input prices rose in October at the fastest rate since May, although the prices charged index cooled slightly compared with September. The gauge of future activity rose to its highest level since February.
The composite PMI, which combines the services and manufacturing readings, rose to 52.9 in October from 52.0 in September, also the highest reading since February. S&P Global said the report pointed to continued resilience in the economy but underscored why the Bank of England looks likely to raise interest rates on Thursday for the first time since 2023.