UK: IP indicators boom above peers in Mar-19
- The UK’s manufacturing PMI surged to 55.1 in Mar-19, contrary to the consensus and the euro area’s ongoing collapse. Inventory accumulation ahead of Brexit is exaggerating the UK’s strength, but full payback may not come in April.- Energy output also rebounded in March while robust extraction of oil and gas in February offsets some of the earlier energy weakness. My 1Q19 GDP growth forecast remains brisker than the BoE and Consensus at 0.4% q-o-q.
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