UK Data Response CIPS/Markit Report on Services (Jul. The improvement in July’s UK CIPS/Markit report on services came as a bit of a relief after the recent run of poor data on the economy and suggested that the services sector is holding up better than... 4th August 2011 · 1 min read
UK Data Response CIPS/Markit Report on Manufacturing (Jul.) July’s CIPS/Markit report on manufacturing suggested that the industrial sector is continuing to contract, pouring cold water on hopes that a sustained recovery in manufacturing can offset weakening... 2nd August 2011 · 1 min read
UK Data Response Nationwide House Prices (Jul.) & Mortgage Lending (Jun.) We doubt that the rise in the number of mortgage approvals marks the start of a recovery in housing market activity. Hence, with the benefits of low interest rates being relentlessly eroded by the... 30th July 2011 · 1 min read
UK Data Response CBI Industrial Trends Survey (Jul. and Q3) July’s CBI Industrial Trends survey suggested that manufacturing output has failed to bounce back after the sequence of disruptions that dragged it down in the second quarter. Accordingly, the survey... 28th July 2011 · 1 min read
UK Data Response Preliminary GDP (Q2) Q2’s GDP figures show that the economy is still barely growing. Admittedly it is hard to know how much growth suffered from the various temporary factors dragging on output in the quarter. Nonetheless... 27th July 2011 · 1 min read
UK Data Response Retail Sales & Public Finances (Jun.) The official measure of retail sales rebounded a bit in June, but the underlying trend remains broadly flat. Meanwhile, “Plan A” still seems to be struggling to deliver the planned falls in public... 22nd July 2011 · 1 min read
UK Data Response MPC Minutes (Jul.) The minutes of July’s MPC meeting suggested that over the past month the Committee has moved even further away from raising interest rates, with most members judging that “recent developments had... 21st July 2011 · 1 min read
UK Data Response Labour Market Data (May/Jun.) The labour market figures are still painting a bit of a mixed picture about the strength of the jobs recovery. But with the economic recovery still struggling, we continue to expect unemployment to... 14th July 2011 · 1 min read
UK Data Response Consumer Prices (Jun.) & Trade (May) June’s better than expected consumer prices figures brought signs that underlying price pressures might be starting to ease and, along with May’s dreadful trade figures, pushed the interest rate... 13th July 2011 · 1 min read
UK Data Response Producer Prices (June) June’s producer prices figures showed that cost pressures in the industrial sector are still intensifying, but at a slower pace than before. 9th July 2011 · 1 min read
UK Data Response Industrial Production (May) May’s rise in manufacturing output only just offset April’s bank holiday-related drop, adding to other evidence suggesting that the industrial recovery is weakening. 8th July 2011 · 1 min read
UK Data Response Halifax House Prices (June) The bounce in house prices in June is unlikely to signal that the downwards pressure on house prices has abated. With the squeeze on real pay likely to intensify until well into next year, house... 7th July 2011 · 1 min read
UK Data Response CIPS/Markit Report on Services (Jun.) June’s UK CIPS/Markit report on services suggested that the recovery in the biggest part of the economy has regained a little momentum. But growth in the sector, and indeed the economy as a whole... 6th July 2011 · 1 min read
UK Data Response CIPS/Markit Report on Manuf. (Jun.) June’s CIPS/Markit report on manufacturing appeared to confirm that the previously robust recovery in the industrial sector is rapidly losing steam. 2nd July 2011 · 1 min read
UK Data Response Credit Conditions (Q2), Cons. Conf. (Jun.) & Pay settlements (May) There was little in the Bank of England’s latest Credit Conditions Survey to suggest that bank lending is set to pick up any time soon. 1st July 2011 · 1 min read
UK Data Response Nationwide House Prices (June) The Nationwide house price index was unchanged in June. But the regional indices show that the resilience of the national index over the past year or so is largely down to London where, in contrast to... 1st July 2011 · 1 min read