FLASH: UK PMI pointing to growth at trend in Nov
- The services PMI unwound most of its October rise by declining 1.8-points to 53.8 in November. This level is consistent with the comparable sectors growing at 0.45% q-o-q and my relatively bullish GDP growth forecast of 0.4%.- Demand growth in line with its recent trend is not dovish, though, as the ongoing decline in unemployment suggests that this trend pace is above potential. Building a positive output gap would ultimately be hawkish.
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