FLASH: UK PMI surges back, but IP energy is weak
- The UK’s manufacturing PMI completed its recovery in August by rising 1.6 points to 56.9, which is only 0.5 points below the equivalent euro area balance.
- Official manufacturing data have been far weaker recently, with no growth experienced yet in 2017, so the GDP implications are limited. Greater strength in the output balance (58.4 from 55.8) should comfort the MPC nonetheless.
- Oil and gas extraction data turned sharply back down in July, which may weigh on IP enough to deliver a decline in the upcoming release, despite the strong PMI and modest increase in gas demand on the national grid.
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