UK economic growth slipped to its weakest level in seven months, although the rate of job creation remains elevated according to the September PMI series from IHS Markit.
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"August’s retail sales data bring more evidence that the recovery in consumers’ spending has lost considerable momentum."
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Goldman Sachs have pulled forward the date they anticipate the Bank of England to raise interest rates by more than a year, following this week's stronger-than-expected UK employment report.
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UK natural gas wholesale prices surged in the region of 20% midweek taking them to a fresh record high after a large fire at Britain’s main electricity subsea cable with France reduced imports.
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The ONS says the rise in UK CPI inflation in the 12 months to August 21 constitutes the "largest ever recorded increase" since the current series began in 1997.
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UK employment levels are now back to where they were just before the Covid crisis, according to the latest labour market statistics from the ONS.
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A slowdown in UK economic growth during the summer has been confirmed by the release of official GDP data for July.
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