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Not much to move the dial in UK activity data

UK DATA
  • There's not really a lot in that UK activity data that will move markets...
  • Consumer-facing services still remain weaker than non-consumer facing services in their rebound post-pandemic (we already knew that).
  • The weakness in IP was driven by "water supply, sewerage, waste management and remediation activities" which fell by 2.2% in January 2024 (that could increase again in February as January was a dry month). The more stable manufacturing component was broadly in line with expectations.
  • Construction possibly benefitted from the better January weather (so could fall back again in February).

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