Bouncing Back

The UK’s latest economic data is promising. Households and businesses show resilience, despite higher interest rates. GDP bounced back even stronger than initially thought in the first quarter, led by the services sector. Encouragingly, UK manufacturing stabilised in June with improved order books and rising price expectations, despite export challenges. However, the job market's hitting a cool patch, which nonetheless should help push down on inflation. Indicators show that the US economy remains strong while growth appears to be slowing in the eurozone.