UK: manufacturing’s sprightly Spring-19
- The UK’s manufacturing PMI retreated two-points to 53.1 in Apr-19, broadly as expected. Inventory accumulation has helped the UK remain well-above the euro area, and although not a sustainable source of strength, it need not unwind soon.- Energy output looks to have been relatively flat in March, but April flows on the national grid suggest 2Q19 got off to a strong start. I maintain my GDP growth forecasts at a relatively bullish 0.5% q-o-q for 1Q19 and 0.4% for 2Q19.
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