Ear to the Ground
Very little economic data out of the UK this week, with the Nationwide House Price Index the only real topic of discussion. Year on year, we saw the first increase in the last 12 months, rising 1.2%.
Ear to the Ground
Despite the half term holidays there has been enough to keep eyes on this week. In the UK we saw the release of the GfK Consumer Confidence data for February.
Ear to the Ground
After a quiet week on the data front last week, this week has proved anything but. In the UK we have heard about the jobs market, inflation, growth, and retail sales.
Ear to the Ground
After the excitement of the US jobs data last Friday, where 353,000 jobs were added, way above the consensus forecast of 180,000, this week has been very quiet on the economic data front.
Ear to the Ground
It was the Bank of England’s turn this week to vote on interest rates and, in line with consensus forecast, they voted to leave the base rate unchanged at 5.25%.
Ear to the Ground
Eyes were on US economic growth this week, with advanced figures released for the fourth quarter of 2023. Whilst the rate of growth was lower than that seen in the third quarter, it came in above consensus forecast.
Ear to the Ground
This week was one providing the Bank of England with mixed messages. Early in the week we saw wage inflation data which continued to decline on a year on year basis. Average earnings including bonuses rose 6.5% in 3 months, year on year to November.
Ear to the Ground
There has been enough economic data out this week to keep the market scratching their heads as to when the first interest rate cut will be, and by how much.
Ear to the Ground
After excitement through December that interest rates look like they will be cut in the major developed markets during this year, data out this week has perhaps reminded us that nothing is necessarily plain sailing.
Ear to the Ground
To pivot or not to pivot, that was the question. This week we saw the meeting of the Bank of England, European Central Bank (ECB) and the US Federal Reserve (Fed).
