UK: Jul-19 surveys still in gloomy ranges
- The services PMI exceeded expectations in Jul-19 as it increased by 1.2 to 51.4. That is towards the top of the range achieved since Brexit uncertainty intensified almost a year ago, biasing the survey down in the process.- Other sectoral PMIs are weaker, but the official GDP data now look likely to avoid the small fall implied here. I expect 0.0% q-o-q in 2Q19 before activity improves in Q3, although a no-deal Brexit could blow the UK off-course beyond that.
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