UK Economy
Acceleration in core UK CPI inflation points to June rate hike
There is no doubt the UK’s economic performance has proven far more resilient than expected, evident in yesterday’s flash composite PMI at 53.9 in May – pointing to improving...
PMI surveys likely to suggest euro area and UK GDP growth gathered momentum in Q2
This morning’s flash PMI readings for the euro area and UK will likely show that GDP growth gathered momentum in Q2 2023. April’s PMI readings suggested growth had picked up to its...
UK labour market showing signs of persistent inflation pressures
This morning’s labour market data show the UK economy added 182,000 jobs in the three months to March, so employment rose by 0.6% to 33m. A small rise in the unemployment rate to...
Markets still expecting one more rate hike from the Bank of England
This morning’s UK GDP data – showing a 0.3% contraction in March, led by the services sector – are worrying but may reflect temporary factors such as public sector strikes. April’s...
RICS survey shows UK housing market struggling for momentum
This morning’s Royal Institution of Chartered Surveyors (RICS) survey does not point to any clear improvement in the UK housing market. The headline price balance (-39%) is still deep...
Rebound in UK mortgage approvals a false dawn for housing market
March’s lending data showed an unexpected rebound in mortgage approvals to 52,000. However, the average approval is still down 6.5% at £212,000 – demonstrating that rate hikes will...
UK labour market data show marked acceleration in pay
This morning’s UK labour market data suggest that jobs growth remains robust in Q1. The Labour Force Survey measure of employment rose 0.3% on the month to 32.95m, and was...
RICS survey pours cold water on hopes for rebound in UK housing market
This morning’s RICS survey suggests that conditions in the UK housing market remain very weak, with prices still falling and new buyer enquiries falling away. This pours cold water on...
US CPI figures could bolster expectations for final rate hike
Market expectations that core CPI inflation figures released today will accelerate to 5.6% in March will bolster expectations for a final rate hike from the Federal Reserve (Fed)....
UK GDP data to show economy holding up better than expected
Thursday’s (April 13th) UK GDP data could well show activity bouncing back in February with broadly flat growth now likely in Q1 2023. This follows better-than-expected retail sales data...
