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Services, Construction Support GDP in July..>
UK DATA: Services, Construction Support GDP in July But Mfg Weak Again
-UK Jul GDP +0.3% m/m; +1.6% y/y; +0.6% 3m/3m; +1.4% 3m y/y
-UK Jul Index of Services +0.3% m/m; +1.5% y/y
-UK Jul Index of Production +0.1% m/m; +0.9% y/y
-UK Jul Manufacturing -0.2% m/m; +1.1% y/y
-UK Jul Construction +0.5% m/m; +3.5% y/y
On an output basis, GDP grew by 0.3% m/m in July, following growth of
0.1% m/m in June and 0.3% m/m in May. That meant on a 3m/3m basis, GDP
grew by 0.6% - the joint-fastest pace since February 2017. Assisting the
solid monthly rate was a strong services sector, bolstered further by
strong retail activity, and mining and quarrying which returned to
full-action after an unforseen closure in June. Manufacturing output,
however, continued to disappoint, while construction output recorded its
fastest 3m/3m pace of growth since Feb '17.
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