UK: surveys support 2Q19 contraction call
- The services PMI was a slight disappointment in Jun-19 as it dipped by 0.8 to 50.2, which is broadly where it has been for several months. Other surveys are softer.- Official services data remain less gloomy, as they are less sensitive to uncertainty. The narrow and deep manufacturing shock means the overall signal for GDP growth in 2Q19 from both the surveys and official data is consistent at -0.1% q-o-q.
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