020 7898 0500There were a few minor economic data releases yesterday, including the Nationwide house price index. In May, growth was weaker than expected, with prices up by 2.4% from 2.6% the month before. This was some way below the 3% the markets had anticipated and could be a symptom of a lethargic UK economy.
Gfk consumer confidence came in better than expected, by moving up two points to -7. It had been expected to come in at -8, but obviously the fact there is a minus sign next to the figure means it’s nothing to scream from the rooftops. Still, we’ll take any positive we can at the moment.
Today’s main release is the Markit manufacturing PMI for May. It is expected to dip a little from 53.9 in April to 53.5 in May. However, any figure over 50.0 shows growth so if the reading meets expectations there is little less to worry about. If, on the other hand, it comes in way below forecast, we could see some sterling movement, as it would be further indication that the UK economy is struggling.
