US inflation dips to three-year low August 14, 2024 US inflation reached its lowest since March 2021 in July, coming in at just 2.9 per cent and further strengthening the case for an interest rate cut from the Federal Reserve. Analysts had expected US inflation in July to come in at three per cent, unchanged from where it had fallen to in June. While [...]
UK inflation comes in below expectations in July August 14, 2024 UK inflation jumped back above the Bank of England’s two per cent target in July, but came in below City estimates for the period. According to figures released this morning by the Office for National Statistics (ONS), prices rose 2.2 per cent in July. Meanwhile, core inflation, or price rises excluding volatile food and energy [...]
Solid services sector ‘bodes well’ for UK economy despite stubborn price pressures August 5, 2024 Business activity in the services sector picked up in July, according to a closely watched business survey, suggesting that the economy will continue to grow in the months ahead. S&P’s purchasing managers’ index (PMI) for the services sector picked up to 52.5 last month, rising from 52.1 in June and marginally ahead of the 52.4 [...]
Consumer confidence hit highest level in three years July 19, 2024 Consumer confidence has risen to its highest level in three years in a tentative sign that the economy is leaving the cost-of-living crisis behind, new data from Deloitte shows. In its latest quarterly Consumer Tracker survey, Deloitte found that sentiment grew by 6.8 per cent year on year, boosted by a significant improvement in sentiment [...]
Stubborn inflation could hold back UK growth warns IMF July 16, 2024 In its latest World Economic Outlook, the global fiscal watchdog forecast that the UK would grow 0.7 per cent in 2024, unchanged on its last projection in May.
With wage growth set to fall, the Bank of England should cut rates in August July 16, 2024 Wage growth remains stubbornly high despite the rise in unemployment and fall in hiring. However, this is not a signal for the Bank to hold off on cutting interest rates, Chris Dorrell argues
Business confidence rises to highest level in two years but concerns over costs remain July 10, 2024 "These figures suggest that businesses shrugged off any distraction caused by the general election, as lower inflation and stronger expected sales growth drove an encouraging uptick in confidence in the second quarter," Suren Thiru, ICAEW economics director, said.
Dreary summer pushes consumer spending to three-year low July 9, 2024 The Barclays report found it was also not enough to keep footie fans away from the pubs, bars and clubs, which saw "modest" year-on-year growth in June, up 0.5 per cent.
Election 2024: What will a Labour government mean for inflation, interest rates and mortgages July 5, 2024 Inflation has fallen fairly rapidly over the last few months, hitting two per cent in June. As a result markets expect the Bank of England to start cutting interest rates in the next couple of months, either in August or September.
August interest rate cut on a knife edge after ‘nuanced’ Bank of England survey July 4, 2024 "All told the DMP gave a nuanced signal this month," Rob Wood, chief UK economist at Pantheon Macroeconomics said.