August 15, 2024 06:14 GMT
Headline data broadly in line; underlying data a bit softer; little for BOE here
UK DATA
- No real market reaction with the headline quarterly GDP and monthly GDP both in line with consensus expectations.
- The breakdown is disappointing for quarterly GDP. Consumption was softer than expected, as was investment while government spending was higher. Exports were stronger, but imports also grew significantly.
- Looking at the monthly breakdown, services were soft (falling -0.1%M/M, driven by soft retail / wholesale trade) while manufacturing and construction were both stronger than expected). The monthly trade balance was a bit worse than expected.
- The ONS does note that there was industrial action in some industries - highlighting the junior doctors strikes impacting human health output (within services).
- Nothing really here to move the dial for the BOE.
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