Last week’s CIPS activity surveys, along with the BCC’s latest quarterly survey of the UK economy, means we now have a full set of survey evidence for the third quarter of 2012. Unfortunately, the picture emerging isn’t particularly bright. In fact, evidence of any rebound in GDP in Q3 is lacking in the survey data. While we still expect a mechanical rise in GDP in Q3, following the temporary hit to output in Q2 from the extra bank holiday, underlying output appears to be stagnating or even falling slightly.
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