Good news at last
Tony Ward is the chief executive of Clayton Euro Risk
For someone who once had the reputation of a doomsayer in the mortgage industry, it is refreshing to report on some good news and developments in the economy.
I am very pleased to see that the CBI’s latest monthly indicator for growth in Britain over the last three months has reached its strongest rate for a year. The CBI growth indicator, based on the employers’ group’s own business surveys, will help to reassure those who have been concerned about the economy’s weaker performance in the first quarter, when the Office of National Statistics report that GDP rose by just 0.3%.
The CBI suggests that growth accelerated in all three main sectors of the economy in the three months from March–May. Even better news, on prospects for the next three months the CBI indicator suggests strong growth in the consumer services, retail and manufacturing sectors with a slightly weaker performance from business and professional services. Rain Newton-Smith, CBI director of economics said: “As we move through the second quarter, growth has cranked up several gears and businesses expect that faster pace to continue.”
This is really pleasing to hear.
There are a number of other key business surveys this week. Of particular interest, the purchasing managers’ surveys for manufacturing, construction and services. I’m expecting more good news. See, I can be upbeat.