Markit/CIPS Services Purchasing Managers Index shows the activity of purchasing managers in the services sector. It is calculated by the Markit agency and the Charted Institute of Procurement and Supply using a questionnaire. Managers evaluate business and economic conditions in their sector, as well as provide their short-term expectations.
A reading above 50, indicates a favorable environment for sector expansion. The index growth may have a positive effect on the British pound quotes.