Pantheon Macroeconomics
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8th Jul 2022 15:14U.K., Daily Monitor, Weekly Monitor
We think GDP held steady in May, setting up a much larger quarterly drop in Q2 than the MPC expects.
The ONS will adjust for the extra working day due to the movement of the usual late May public holiday to June.
Momentum in business services likely was offset by falls in output in the retail and hospitality sectors.
energy, gdp data, industrial production, June, manufacturing, May, mpc, ONS, q2, retail sales, services sector, society, surveys, Pantheon Macro, Pantheon Macroeconomics, independent macro research, independent research, ian shepherdson, economic intelligence