UK: IP slams into shutdown during Apr-20
- The UK manufacturing PMI only dipped 3.9-points in March, but it dived 15-points to 32.6 in Apr-20 as supply-shortages during the shutdown belatedly bit activity. Historical correlations may not hold but imply an 8% decline in the official data.- Daily industrial gas demand has plunged 10% to the end of April, consistent with my manufacturing forecast. The depths appeared worse earlier in the month, but some activity has resumed recently. Energy will also directly weigh on GDP growth.
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