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.
NOV GDP -2.6% M/M (PREV +0.6%), -8.9% Y/Y (PREV -6.8%)
NOV INDEX OF SERVICES -3.4% M/M; -10.2% Y/Y; PRV +0.5% M/M, MED -5.7%
NOV IND PRODUCTION -0.1% M/M, PRV +1.1%, MED +0.5%
NOV MANUFACTURING +0.7% M/M, PRV +1.6%, MEDIAN +1.0%
NOV CONSTRUCTION +1.9% M/M, PRV +1.5%, MEDIAN +0.8%
The second lockdown in Nov took its toll on the economy with m/m GDP falling by 2.6%, although beating expectations (BBG: -4.6%). The ONS noted that many businesses adjusted to the new working conditions.
Source: ONS - GDP Monthly estimate
Moreover, schools remained open and the mfg and construction sector held up well, leading to a smaller impact on the economy in Nov compared to the first lockdown in spring. Nevertheless, GDP remains 8.5% below Feb's level. Dec would need to record -0.9% to yield a flat Q/Q reading in Q4. The service sector was the main driver of the downturn, falling 3.4% which was led by a sharp decline in accommodation and food services as pubs and restaurants had to close again. IP slipped by 0.1%, while mfg output increased 0.7%. The construction sector outperformed expectations, rising by 1.9% in Nov. The ONS noted that the car sector, housebuilding and infrastructure as well as higher foreign demand are all above pre-pandemic levels.
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.