Weekly Economic Briefings - Uk Weekly Economic Briefing
Following a dismal first quarter, last week delivered further signs of a revival in economic activity. Rises in the manufacturing and services PMIs lifted May’s composite measure to the joint highest this year, car registrations increased and retailers appear to have enjoyed a good month. That said, the CIPS surveys’ forward-looking measures were not particularly promising for expansion further ahead. And our estimate that GDP growth will run at 0.4% in the three months to June would be a sub-par result, even before factoring in the scope for a post-Q1 bounceback.