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/UK AUG GDP (Released 0930 BST): MNI's......>

UK VIEW
UK VIEW: /UK AUG GDP (Released 0930 BST): MNI's data team write that the UK's
August GDP is likely to be "humbled after July's strength." They write:
- Services could be exposed in August. ONS officials noted that the motor trade
has been volatile over the past six months, with the seasonal factors subject to
revision. As a result, it could see a moderation in August.
- Offsetting industrial production factors to determine growth. Temperature drop
in August following Jun-Jul heatwave may boost utilities output on a M/M basis.
- New order growth points to construction retraction. Total construction new
order growth declined 6.5% in Q2, hitting its lowest level since Q1 2013.
- Survey data suggests no manufacturing resurgence.
- Weak exports orders unlikely to help trade balance.
- Aug's 3m/3m growth rate is expected to remain unchanged however the m/m is
predicted to drop to 0.1%. 
- Should the MNI median be correct, the fall is stemming from the dominant
services tapering off and not offsetting weak growth in the other sectors as it
has done previously.

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