Why MNI
MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.
MNI (LONDON) - The UK economy saw no growth in July for a second straight month, the Office for National Statistics said Wednesday, although GDP is standing 1.2% higher than in the same month a year ago.
It was the second straight month of flat growth, but the rolling three-month quarter to July saw the economy expand by 0.5% on the three months to April. The ONS could make no inference as to whether the data was impacted by the early July election, with returns from stakeholders coming in across the month. (see MNI INTERVIEW: 'Strange' Soft 2025 Growth Key To BOE Cut Case)
Services rose 0.1% in the month, while industrial production fell by 0.8% m/m and construction declined 0.4%. The data is at the softer-end of Bank of England expectations, but is unlikely to sway the September policy decision next week.
“Longer-term strength in the services sector meant there was growth over the last three months as a whole," ONS Director of Economic Statistics Liz McKeown said.
Why MNI
MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.