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UK

UK Comment — UK inflation stronger than expected in August

  1. CPI inflation at 2.9 percent y-o-y exceeds consensus and BoE expectations in August
  2. Cost pressures ticked up again, but inflation is probably still close to peaking
  3. The number of hawkish dissidents on the MPC may have increased to three

Kari Due-Andresen, Chief Economist Norway | kadu01@handelsbanken.no

UK Comment — Monthly data indicate subdued pace in UK economy going into Q3

  1. Industrial production pulled up by manufacturing in July, but hampered by mining and quarrying
  2. Construction output weaker
  3. Net trade has contributed less than expected to growth

Kari Due-Andresen, Chief Economist Norway | kadu01@handelsbanken.no

UK Comment — PMI surveys suggest momentum lacking in Q3

  1. Services sentiment slightly down in August, pulled lower by new and actual business activity
  2. Uncertainty regarding outlook weighs on activity in services and construction sectors
  3. PMI trend suggests GDP growth stuck around current rates in Q3

Kari Due-Andresen, Chief Economist Norway | kadu01@handelsbanken.no

UK Comment — UK Manufacturing sentiment stronger than expected in August

  1. Manufacturing PMI up to 56.9 in August from 55.3 in July
  2. Improvement broad-based across sectors
  3. Sentiment indicates improvement in manufacturing output in Q3, but has overstated growth so far this year

Kari Due-Andresen, Chief Economist Norway | kadu01@handelsbanken.no

UK Comment — UK consumer credit growth down to single digits in July

    Credit growth falls further in July, while mortgage approvals strengthen somewhatUK household credit increased a little less than expected in July. Net consumer credit rose by GBP 1.2bn against consensus expectations of GBP 1.5bn. Net credit growth in June was revised to GBP 1.4bn, from GBP 1.5bn. Net lending secured on dwellings was up by GBP 3.6bn after over GBP 4.1bn in June, but that was also lower than the consensus expectation for July of GBP 3.

    Kari Due-Andresen, Chief Economist Norway | kadu01@handelsbanken.no

UK Comment — UK GDP growth unrevised at 0.3 percent in Q2

  1. Public demand and net exports strengthen; private consumption and investments slow
  2. Limited momentum going into Q3

Kari Due-Andresen, Chief Economist Norway | kadu01@handelsbanken.no