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UK DATA: GDP data broadly in line; no impact on monpol

UK DATA
CEEMEAData BulletBulletUKGlobalFixed Income BulletsForeign Exchange BulletsRegionMarkets

Headline M/M GDP in line with consensus at +0.2%M/M in August with July data unrevised at flat (0.0%M/M).

  • Services grew again at +0.1%M/M (a little softer than the +0.2% expected). "Professional scientific and technical activities" was the biggest contributor to service growth. Note that there were falls in wholesale trade (ex vehicles) of -1.6%M/M, wholesale trade of vehicles -1.5%M/M which offset the +1.0%M/M increase in retail trade excluding these factors (leaving the total category -0.3%M/M).
  • IP was a bit stronger-than-expected at +0.5%M/M with July revised up a tenth to -0.7%M/M. However, there was an interesting shift in manufacturing with a rebound seen in transport (in line with the risks we flagged in the preview after stronger transport manufacturing seen in Germany and France in August after the very soft July). Manufacturing rose +1.1%M/M following -1.2%M/M in July (revised from -1.0%). This increased in manufacturing offset the slightly softer services print to see monthly GDP in line overall.
  • Construction was broadly in line with expectations (particularly given its volatile nature) at +0.4%M/M (+0.5% consensus).
  • No real impact in markets from these data. And given they are so close to expected values, no real impact for monpol from these either.
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Headline M/M GDP in line with consensus at +0.2%M/M in August with July data unrevised at flat (0.0%M/M).

  • Services grew again at +0.1%M/M (a little softer than the +0.2% expected). "Professional scientific and technical activities" was the biggest contributor to service growth. Note that there were falls in wholesale trade (ex vehicles) of -1.6%M/M, wholesale trade of vehicles -1.5%M/M which offset the +1.0%M/M increase in retail trade excluding these factors (leaving the total category -0.3%M/M).
  • IP was a bit stronger-than-expected at +0.5%M/M with July revised up a tenth to -0.7%M/M. However, there was an interesting shift in manufacturing with a rebound seen in transport (in line with the risks we flagged in the preview after stronger transport manufacturing seen in Germany and France in August after the very soft July). Manufacturing rose +1.1%M/M following -1.2%M/M in July (revised from -1.0%). This increased in manufacturing offset the slightly softer services print to see monthly GDP in line overall.
  • Construction was broadly in line with expectations (particularly given its volatile nature) at +0.4%M/M (+0.5% consensus).
  • No real impact in markets from these data. And given they are so close to expected values, no real impact for monpol from these either.