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Monthly GDP bounced in Jun

MNI (London)

JUN GDP +8.7% M/M (PREV +2.4%), -16.8% Y/Y (PREV -23.3%)

JUN INDEX OF SERVICES +7.7% M/M; -17.1% Y/Y; PRV +1.5% M/M, MED +8.2%

JUN IND PRODUCTION +9.3% M/M, PRV +6.2%, MED +9.9%

JUN MANUFACTURING +11.0% M/M, PRV +8.3%, MEDIAN +10.0%

JUN CONSTRUCTION +23.5% M/M, PRV +7.6%, MEDIAN +15.0%

M/M GDP rebounded 8.7% in Jun, slightly stronger than market expectations (BBG: 8.3%) and showing first signs of a recovery. Jun's uptick was broad-based with all major categories showing substantial gains due to the reopening of the economy. Construction output jumped 23.5% m/m, beating market forecasts, while IP increased 9.3% and mfg output rose 11.0%, coming in slightly below expectations. Services ticked up by 7.7%, following an upwardly revised figure for May (up 0.6pp). The ONS noted that despite the strong uptick in monthly GDP, Jun's reading is still 17.2% below Feb's level. Moreover, the total trade surplus decreased in June as imports increased faster than exports.

MNI London Bureau | +44 203-865-3814 |

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