FLASH: UK PMI partially rebounds above manufacturing
- The UK’s manufacturing PMI made only a partial recovery in June, as it rose by 0.9 points to 55.1. It remains 1.5 points below the euro area’s equivalent
- Official manufacturing data have been far weaker recently, and the ONS pencilled into its GDP estimate further weakness for June.
- The PMI output balance dipped slightly further, which mildly tempers the gap and should also help keep hawkish pressures at bay on the old PMI reaction function.
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