A monthly guage of the UK service sector that takes into account business outlook. The survey queries executives in transport and communications, financial intermediation, business services, personal services, computing and IT, hotels and restaurants.
Purchasing managers are tasked with gauging future demand, and adjusting orders for materials accordingly. The PMI summarizes the opinions of these executives to give a picture of the future of the service sector. A higher PMI indicates that materials purchases are increasing and that the economic outlook is positive. Alternately, a lower PMI means orders for materials are down and the future outlook is less favorable. By nature, the figure is very sensitive to the business cycle and tends to match growth or decline in the economy as a whole.
Because the contribution Services makes to the economy tends to be very consistent and predictable, Services PMI figures typically do not move markets
The PMI is presented as an index with a value between 1-100.
Relevance: Rarely affects markets
Release schedule : 8:30 (GMT); monthly, on the first working day after the reporting month.
Revisions schedule : Minor revisions are made monthly, going back 2 or 3 months.
Source of report : Chartered Institute of Purchasing and Supply and NTC Research
Web Address : http://www.cips.org
Address of release : http://www.cips.org/Page.asp?PageID=177&CatID=42
AKA: CIPS Purchasing Manager’s Index: Services
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