GBP Economic Round up last week

September has seen developments in the UK's economic landscape continue to paint a dynamic picture.

Recent data releases have kept analysts and observers on their toes, with unexpected twists in various sectors. Here's the latest on the state of affairs.

Consumer Spending

In a surprising turn of events, the UK has witnessed a remarkable resurgence in consumer spending over the past month.

According to the British Retail Consortium (BRC), Retail Sales recorded a notable 4.1% increase, defying earlier projections. This surge was notably driven by heightened consumer interest in health and beauty products. It stands in stark contrast to the previous month, which saw sluggish spending due to unfavourable weather conditions and persistent rain.

Services and Composite PMIs

Notably, the UK Services and Composite PMIs once again provided some twists. The UK Services PMI came in at 49.5, a slight improvement over the anticipated 48.7. Meanwhile, the UK Composite PMI stood at 48.6, slightly above the predicted 47.9. While these figures still mark seven-month lows, they managed to avoid plunging to the two-year low seen in January 2023.

Economic Updates

As we look ahead, the coming week promises to be packed with important economic updates for the UK. We eagerly anticipate the release of key data points, including GDP figures, unemployment rates, and consumer inflation expectations, which will shed further light on the nation's economic trajectory and drive expectations on interest rates.

Our Comments

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