The week ahead is going to be characterised by some “in-house” publications and some official statistics. Let’s have a look.
Today we are going to publish a new sector bulletin in partnership with Santander. This is going to be the turn of pharmaceutical sector and Martyn will also blog about that later on today.
Tuesday will be characterised by another EEF publication. This time it will be about our Global trade report and Lee will blog about it.
PMI and productivity
On Monday, we will have the first indication on how manufacturing has performed in June. Last month's result was positive with PMI up to 54.4, however news in June hasn’t been great. Official ONS statistics registered a sharp manufacturing contraction in April (-1.4% which was the worst monthly performance since October 2012) and it also revised down growth in the first quarter of 2018 with manufacturing contracting by 0.1% (in the previous release an expansion of 0.2% was pencilled in).
Tuesday will be the turn of construction. May’s PMI was stable at 52.5 and in this case news coming from ONS was more positive. 2017 growth was better than expected and revised up by 1.4% and the contraction of the first quarter of 2018 was smaller than firstly thought. Indeed, the data were revised up from -3.3% in the preliminary release to -2.7% in the second release to -0.8% in the latest one.
On Wednesday the last PMI release will tell us what is happening to the service sector. The last reading showed a positive but weak index at 52.8 and the latest releases pointed to a weak level of activity by historical standards.
Finally, on Friday the ONS will tell us how productivity stats have changed in relation to the revision of the latest GDP release.