UK Flash PMIs better-than-expected as all sectors return to growth although hiring remains weak
On July 24, 2020 by Thomas BelaynehFlash estimates released this morning by IHS Markit revealed forecast-beating results across both manufacturing and services in the UK. The Manufacturing PMI rose to 53.6 in July from 50.1 in June, beating expectations for 52. The Services PMI rose to 56.6 in July from 47.1 in June, beating expectations for 51.1, and marking the first
UK GDP grew just 1.8% in May as services remained weak
On July 14, 2020 by Thomas BelaynehGrowing just 1.8% on April, below consensus expectations for 5%, meant GDP in the three months to May remained a seismic 19.1% below the same three-month period last year. Services grew a meagre 0.9%, while industrial and construction output increased 6% and 8.2%, respectively. Services As lockdown restrictions were still largely in force throughout May,
UK services PMI rises but activity remains in contraction
On July 3, 2020 by Thomas BelaynehFigures released this morning from IHS Markit’s UK Services PMI showed that whilst this month’s report posted a significantly higher reading than May’s report of 29, it remained below the no-change in activity threshold of 50. This latest release is the highest that the UK Services PMI has been in four months at 47.1, although
UK GDP falls as data shows household consumption weakest since 1979
On June 30, 2020 by Thomas BelaynehThe Office for National Statistics (ONS) released Q1 GDP figures for the UK this morning showing a 2.2% decline on the prior quarter and 1.7% on the prior year, as coronavirus began to wreak havoc on the economy. The UK’s current account balance missed consensus expectations for -£15bn instead coming in at -£21.1bn. The decline
UK Manufacturing PMI returns to growth
On June 24, 2020 by Thomas BelaynehIHS Markit’s manufacturing PMI released yesterday showed growth in manufacturing activity on the prior month for the first time since the pandemic began. The reading came in at 50.1 indicating a very slight expansion, but nevertheless marked improvement on May’s dire reading of 40.7. The manufacturing output index came in even higher at 50.8, which