UK: IP signs converge on contraction in 2Q19
- The sharp slide in the UK’s manufacturing PMI continued in Jun-19 as the headline fell by 1.4-points to 48.0 driven by the output balance diving 3.1-points to 47.2.- I continue to forecast a substantial manufacturing rebound of about 2.5% m-o-m in May. That would moderate the 2Q19 quarterly contraction to about 1.3%, which would be broadly consistent with the current PMI and CBI surveys.
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