Despite the modest rebound in the composite activity PMI in May, at face value it is consistent with the bumper 0.7% q/q rise in GDP in Q1 being followed by a 0.2% q/q fall in Q2. But signs of some fading upside risks to CPI inflation will encourage the Bank of England.
Subscriber content
Read this in full, free
Start a free trial and use one of your 10 free starter credits to unlock this piece.