UK: oil weighs on 2Q19 more than manufacturing
- The UK’s manufacturing PMI crashed by 3.5-points to 49.4 in May-19, which marks a relatively hefty but overdue correction back towards the euro area’s level.- A massive fall in oil extraction during Apr-19 has depressed my overall IP forecast, with the electricity flows only a small offset. This change has reduced my 2Q19 tracking estimate to the still relatively bullish pace of 0.3% q-o-q for 2Q19.
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