TD Securities analysis team notes that the UK GDP came in a bit weaker than expected at flat m/m in October, although it was a ‘strong’ zero at 0.040%.
Key Quotes
“The primary source of downside surprise seems to be the volatile construction sector, where activity declined -2.3% m/m (mkt -0.2%).”
“On the other hand, IP was roughly in line with consensus at 0.1% m/m, and the index of services was a touch stronger at 0.2% m/m. So overall this still leaves Q4 GDP tracking pretty close to the BoE’s 0.2% q/q estimate, and the less volatile sectors of the economy didn’t look too bad.”
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