The underlying state of consumer demand is rather lackluster. |
This heightens the risk that we could get a rate cut in November. It's a concern that U.K. industry isn't able to do better and tap into global demand. |
This suggests more weakness and casts doubt on the sustainability of stronger consumer spending. The Bank of England's growth forecasts look a bit optimistic. |
To some extent jobs created in the public sector will compensate for job cuts in the private sector. |
When you've got inflation rising above the bank's target it reinforces the view that we don't need more rate cuts this year. |
With wage inflation still surprisingly muted and an ongoing squeeze on households' disposable incomes from higher energy costs, second-round inflation is likely to remain largely absent, allowing some further modest policy easing. |