Q2 Consumer Spending Resilient Despite......>

UK DATA: Q2 Consumer Spending Resilient Despite Downward Revision

-UK Q2 Household Spending +0.4% vs +0.5% previous estimate

-UK Q2 Savings Ratio Rises to 6.8% from 6.4% in Q1

-UK Households Net Lenders Over Recent Years After Large Revisions

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The resilient UK consumer limited the decline in Q2 GDP (which fell by 

an unrevised 0.2%). Household spending added 0.22pp to total growth, 

more than any other sector, even as outlays were revised slightly lower. 

The savings rate increased after dipping in Q1, and dramatic revisions 

to back data showed households as net lenders over the past nine 

quarters, suggesting consumer spending could continue to cushion the 

economy.