UK: PMI payback in Apr-19 still below reality
- The services PMI matched the other sectors with partial payback in Apr-19. It remains subdued, but it is also still biased to exaggerate the depressing effect of uncertainty, which eased in April amid Article 50’s extension.- I maintain my relatively bullish forecasts for GDP growth of 0.5% q-o-q in 1Q19 and 0.4% q-o-q in 2Q19. The latter would be another upside surprise to the BoE.
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