Analysts at TD Securities note that UK’s monthly GDP was flat in August (mkt: 0.1% m/m) though both June and July’s figures were revised up a notch, leaving the 3-month GDP growth rate at 0.7% (mkt: 0.6%).
Key Quotes
“Underlying details for August show that Manufacturing fell 0.2%, Services were flat, and Construction fell 0.7% m/m. Overall, today’s release falls broadly in line with our view of slowing growth through 18H2, but even if sustained for a few months, this shouldn’t be enough to put the BoE off an eventual May 2019 hike.”
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