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Monthly GDP disappoints by a tenth

UK DATA
  • Monthly GDP a tenth weaker than expected at 0.2%M/M - leaving the 3M/3M figure flat rather than +0.1%.
  • Services was broadly in line with expectations but IP (manufacturing was a bit weak, but there was a 3.4%M/M fall in electricity, has, steam and aircon supply) and construction was weak (due to remain and maintenance falling 2.6%). Trade data was better than expected.
  • This data is close enough to expectations that it probably won't have either much impact on markets or next week's MPC decision.
  • As noted earlier, labour market data tomorrow and inflation on Friday will be more closely watched.
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