Report
Philip Rush
EUR 58.63 For Business Accounts Only

UK: industrial bounce-back begins in May-20

- The UK manufacturing PMI rebounded by 8.1-points in May-20 to 40.7, while the output balance rose 18.7-points to 35. Resurgent demand from industry for gas offtakes from the national grid suggests this is not just a sentiment shift.
- Non-industrial gas demand was low amid warm weather, but energy is still set to support IP in May. With this effect more substantial and manufacturing appearing to turn quicker, I raise my Q2 GDP growth forecast by 0.5pp to -11% q-o-q.
Provider
Heteronomics
Heteronomics

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Analysts
Philip Rush

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