---
source: S&P Global Market Intelligence
url: https://investinglive.com/news/uk-february-final-services-pmi-539-vs-539-prelim-20260304/
document_type: html
date_retrieved: 2026-03-17
period: February 2026
parent_publication: S&P Global/CIPS UK Services PMI
indicators_covered: [Services PMI, Composite PMI]
---

# S&P Global/CIPS UK Services PMI — February 2026 Final Release

**Release Date:** 4 March 2026, 09:30 GMT  
**Data Period:** February 2026  
**Survey Period:** 10–25 February 2026

## Key Data

| Metric | Final | Flash | Prior | Change |
|--------|-------|-------|-------|--------|
| **Services PMI** | **53.9** | 53.9 | 54.0 | -0.1 |
| **Composite PMI** | **53.7** | 53.9 | 53.7 | — |

## Key Findings

- **Business activity rises for tenth consecutive month** in February, but growth rate slowed
- **New order growth loses momentum** — expansion slipped to a three-month low
- **Job cuts persist** amid pressure on margins from rising input costs
- **Employment decline** despite sustained recovery in business activity

---

## Official Commentary

### Tim Moore, Economics Director at S&P Global Market Intelligence

> Business activity continued to pick up across the UK service economy in February, with growth holding close to the five-month high seen at the start of 2026. Survey respondents commented on rising new business intakes and improving sales pipelines. This was linked to greater business and consumer spending, especially in domestic markets. Export orders were relatively subdued, however, and the rate of expansion slipped to a three-month low.

> February data pointed to a solid reduction in employment numbers, despite a sustained recovery in business activity. Job losses reflected ongoing efforts to focus on boosting productivity and mitigate sharply rising input costs.

> Higher payroll costs were widely cited as leading to a strong pace of overall input cost inflation. Greater food prices and technology costs were also reported in February. This contributed to another robust increase in prices charged by service providers, with the pace of inflation little-changed from January's five-month high.

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## Index Detail

### Survey Coverage
- **Sample Size:** Approximately 650 UK service sector companies
- **Survey Period:** 10–25 February 2026
- **Sectors Covered:** Transport and communications, financial intermediation, business services, personal services, computing and IT, hotels and restaurants

### Index Interpretation
- **Reading above 50** = sector expansion (growth)
- **Reading below 50** = sector contraction (decline)
- **53.9** indicates robust growth in services activity, though at a slower pace than the previous month

### Composition
The PMI tracks multiple dimensions of the service sector:
- Sales and new business intakes
- Employment levels
- Inventories and backlogs
- Output prices and input costs
- Business expectations

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## Economic Context

### Domestic Demand
Strong domestic spending and improving client confidence drove new business intakes for the third consecutive month. Respondents noted pent-up demand release and gradually improving business conditions.

### Export Performance  
Export orders weakened to a three-month low, reflecting weak conditions in European markets and subdued international demand.

### Employment & Productivity
Job losses continued despite sustained business activity recovery, reflecting:
- Productivity-boosting initiatives
- Efforts to offset sharply rising input costs
- Focus on margin protection

### Cost Pressures
Multiple cost drivers reported in February:
- **Payroll costs** — cited as the primary inflation driver
- **Food prices** — elevated
- **Technology costs** — rising

Resulting in **robust output price inflation**, with the pace of pricing changes unchanged from January's five-month high.

### Sector Weakness
Conditions remained challenging in:
- Leisure and hospitality
- Construction-related services

---

## Historical Context

- **February 2026 Services PMI:** 53.9 (final, confirmed)
- **January 2026:** 54.0 (five-month high as of start of 2026)
- **Consecutive months of expansion:** 10 months
- **Inflation pace:** Unchanged from January (five-month high)
- **Employment trend:** Declining for sustained period