July Upgrade Boosts Underlying GDP; Masks...>

UK DATA: July Upgrade Boosts Underlying GDP; Masks August Subdued Form   

-UK Aug GDP Flat m/m; +0.7 % 3m/3m; +1.5% 3m y/y

-UK Aug Services Flat m/m; +0.5% 3m/3m; +1.6% 3m y/y

-UK Aug Production +0.2% m/m; +0.7% 3m/3m;

-UK Aug Manufacturing -0.2% m/m; +0.8% 3m/3m; 

-UK Aug Construction -0.7% m/m; +2.9% 3m/3m; 

---------------------------------------------------------------

An upgrade to July GDP growth (up 0.1pp to 0.4% m/m), courtesy of 

improved services data, was enough to take the underlying measure of 

growth to 0.7% 3m/3m in August - last higher in Feb 2017. On the month, 

however, growth was flat in August, with output growth receding in all 

but one of the output measures. Only production registered growth, 

boosted by higher utilities and mining and quarrying output. Even if 

September GDP growth is flat m/m, and assuming no change to Jul and 

Aug, GDP will have expanded by 0.6% over Q3 - the highest since Q4 2016.