In today’s briefing:
- UK: Holidays Reduce Output in Jun-22
UK: Holidays Reduce Output in Jun-22
- UK GDP contracted by 0.6% m-o-m in June after a downwardly revised 0.4% growth in May, which appears to confirm the distortions from the Diamond Jubilee holidays.
- Some positive payback should occur in July as the output level normalises with the number of working days. However, GDP looks to be trending barely better than flat.
- Aggressively increased interest rates will compound inflation’s squeeze on the cycle, raising the risk of a needless recession when pressures are burning out anyway.
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