In today’s briefing:
- UK: GDP Bounce With Bonus Working Day
UK: GDP Bounce With Bonus Working Day
- UK GDP bounced by 0.5% m-o-m in May amid broad-based activity growth. Postponing a bank holiday for the Jubilee may have briefly raised output as it did in 2002.
- Activity trends still look broadly flat in 2022 with a worryingly high recession risk. The better May and supportive revisions mean the economy probably grew in Q2.
- Given the bank holiday effect, the BoE will need to consider these data relative to the next release. Its August decision focuses more on the news about inflation persistence.
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