The headline release on Friday was the UK GDP growth rate for the third quarter of 2018 which came in as expected at 1.5%. On a quarterly basis, the figure came in at 0.6% from 0.4% the previous period. The readings were positive, but the markets were extremely cautious in response and sterling actually slid against the dollar. The economy stagnated in August and September and there are fears this could bleed through into the final quarter of 2018.
Balance of trade figures in September showed that the deficit decreased by £2.07 billion to post the smallest trade gap since February. Year-on-year industrial production figures were disappointing and came in at 0% when 0.4% had been expected. Month-over-month, the figure was also 0%, but that was better than the -0.1% analysts had predicted. Manufacturing production also came in better than expected at 0.5% when a reading of 0.4% was predicted.
There’s no releases from the UK, eurozone or US today, but tomorrow we will see the unemployment rate, claimant count change and average earnings for September. We could be in for a few surprises, so let’s hope they’re not nasty ones.
