- Prior -20.4%; revised to -20.3%
- GDP -19.1% vs -17.5% 3m/3m expected
- Prior -10.4%; revised to -10.8%
- Index of services +0.9% vs +4.8% m/m expected
- Index of services -18.9% vs -16.9% 3m/3m expected
Slight delay in the release by the source. Those are relatively weak readings in general as the rebound in the UK economy was less robust than expected. Lockdown measures were still largely in place during May, so there's that to consider.
However, this also shows that the underlying slack in the UK economy is rather evident and that the likelihood of deteriorating labour market conditions in the coming months may exacerbate the ugly side of things even more.
The BOE may still stay sidelined for now, but continued data points like these will just reaffirm a more easing bias (negative rates?) down the road.
There's also factory activity data released at the same time are as per below:
- Manufacturing production +8.4% vs +7.8% m/m expected
- Prior -24.3%
- Manufacturing production -22.8% vs -24.0% y/y expected
- Prior -28.5%
- Industrial production +6.0% vs +6.5% m/m expected
- Prior -20.3%
- Industrial production -20.0% vs -20.4% y/y expected
- Prior -24.4%
- Construction output +8.2% vs +15.0% m/m expected
- Prior -40.1%
- Construction output -39.7% vs -20.4% y/y expected
- Prior -44.0%