Leading Indicators | A moment in the sun: healthy metrics bode well for Q4
20 August 2024
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Here we look at the leading indicators in the world of economics.
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UK inflation edged up to 2.2% in July
UK inflation rose to 2.2% in July 2024, but below the BoE’s forecast of a rise to 2.4%. Crucially, the closely-followed level of services inflation fell more than expected, to 5.2%. Meanwhile, UK GDP grew +0.6% in Q2 2024, the fastest pace in the G7. The UK economy continues to gain momentum, and with inflation down, further rate cuts are still possible this year.
UK company incorporations hit a 3-month high in August
UK company incorporations in the first two weeks of August 2024, according to the ONS.
Bring on the AI benefits: service sector productivity struggles for growth
Annual UK labour productivity growth was just 0.2% in Q1 24, but with the benefits largely eluding the service sector. More than ever, businesses will be looking to the benefits of technology, including AI, to boost labour productivity.
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