FLASH: UK PMIs point to stability
- The services PMI retreated to 53.2 in August, which points to 0.4% 3m-o-3m growth in the comparable sectors. My 0.4% Q3 GDP growth forecast assumes stronger than that but is not inconsistent with typical divergence here.
- Strength in the manufacturing PMI means that the composite of these held relatively steady at levels firmly consistent with no monetary policy change in the past. I still expect the first hike in May-18, with balanced risks around that.
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