FLASH: UK PMI’s temporary dip still stronger than IP
- The UK’s manufacturing PMI retreated toward its March low, at 54.3. With the euro area still strong, this is likely to be another temporary blip. The next release is a day before the August BoE, so the dovishness of this release may disappear.
- Official manufacturing data have been far weaker recently and are likely to provide little support to Q2 GDP growth. Overall IP in May should be underpinned by a rebound in oil and gas extraction. Electricity flows may trim June's IP.
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