Rolling coverage of the latest economic and financial news
- UK economy grew by 0.8% in May, slower than expected
- Reopening boosted hospitality sector…
- …but UK carmakers hit by chip shortage
- Industrial production lifted by energy demand…construction output fell
- Economy still 3.1% smaller than before pandemic
In the markets, Wall Street has opened higher, as investors recover their nerve after Thursday’s wobble.
Recovery stocks are back in demand, pushing the Dow Jones industrial average up by 310 points or 0.9% in early trading, to 34,732.
U.S. stocks open higher https://t.co/oc5wlKJ997 pic.twitter.com/AllOZ16uUy
Back on GDP…. the NIESR economic research institute have forecast that the UK economy will have grown by 0.9% in June, continuing the slowdown.
That would be slightly faster than May, but still weaker than in April and March during the initial easing of lockdown.
OUT NOW – Our latest #GDP Tracker suggests growth in June of 0.9%, and 4.8% for the 2nd quarter of 2021 overall, and forecast growth of 1.9% in the third quarter.
But with #COVID19 cases rising again, & consumer caution evident, the lifting of..
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further restrictions on July 19th risk boosting the #economy in the short term at the expense of a longer lasting & more sustainable recovery. Much will depend on the roll-out & efficacy of vaccines against the #DeltaVariant
Read here in full
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