UK Publications
Below is a list of our UK Publications for the last 6 months. If you are looking for reports older than 6 months please email info@pantheonmacro.com, or contact your account rep
Please use the filters on the right to search for a specific date or topic.
Datanotes Daily Monitor
- In one line: Encouraging wage slowdown keeps the MPC on track to cut rates again in November.
Rob Wood (Chief UK Economist)UK
- Job growth slowed in H1, but surveys suggest hiring is improving, while redundancies remain low.
- Pay growth continues to ease, but less than AWE shows, and it remains too high for comfort.
- The labour market is loosening gradually but is far from collapsing; the MPC can afford to wait.
Rob Wood (Chief UK Economist)UK
- CPI inflation likely rose to 2.3% in August, from 2.2% in July, 0.1pp below the MPC’s forecast.
- Airfares will rebound from July’s slowdown, which was driven by the early CPI collection date.
- Almost anything is possible with hotel prices, but they likely fell less than in August 2023.
Rob Wood (Chief UK Economist)UK
- In one line: Slowing pay growth but the MPC will wait until November to cut rates again.
Rob Wood (Chief UK Economist)UK
- We expect GDP to rise 0.2% month-to-month in July, thanks to retail sales growth and fewer strike days.
- Professional services are the wild card for July; we make a conservative growth assumption.
- Our Q3 growth forecast is close to rounding up to 0.5% quarter-to-quarter, above the MPC’s 0.4%.
Rob Wood (Chief UK Economist)UK
- In one line: Strong construction growth continues as interest rate cuts boost demand.
Rob Wood (Chief UK Economist)UK
- In one line: Inflation continues to slow, but the pace of decline is easing.
Rob Wood (Chief UK Economist)UK
- In one line: The strengthening PMI means the MPC will wait until November to cut rates again.
Rob Wood (Chief UK Economist)UK
- In one line: Retail sales gain more ground in August.
Rob Wood (Chief UK Economist)UK
- In one line: Manufacturing output grows solidly giving firms the confidence to hire again.
Rob Wood (Chief UK Economist)UK
- The final August PMI signals Q3 GDP growth of 0.4-to-0.5% quarter-to-quarter.
- The PMI indicates falling inflation, but rising margins and job growth will keep price rises elevated.
- The MPC has little reason to rush through another rate cut this month; it will wait until November.
Rob Wood (Chief UK Economist)UK
- The July jobless rate should fall to 4.1%, with a risk of a 4.0% print, while LFS job growth should accelerate.
- We look for August PAYE employment to gain 30K month-to-month.
- We assume 0.5% month-to-month AWE growth in July, and a 0.1pp upward revision to growth in May.
Rob Wood (Chief UK Economist)UK
- In one line: Lower mortgage interest rates boost the housing market.
Rob Wood (Chief UK Economist)UK
- In one line: House prices drop unexpectedly in August, but should rebound as borrowing costs fall.
Rob Wood (Chief UK Economist)UK
- In one line: Consumers' confidence unchanged in August, but it will improve from here.
Rob Wood (Chief UK Economist)UK
- Higher core goods and services inflation in August will raise CPI inflation to 2.3%, from 2.2% in July.
- Goods inflation should tick up as used car prices rise and furniture prices rebound from July discounts.
- We look for CPI inflation to be 0.1pp less than the MPC expects, and services 0.2pp lower.
Elliott Laidman Doak (Senior UK Economist)UK
- Ofgem announced a 9.5% utility price-cap increase for October, fractionally lower than we expected.
- Accordingly, we edge down our December CPI inflation forecast to 2.7%, from 2.8% previously.
- Wholesale energy futures prices and geopolitical risk point to further utility-bill hikes in 2025.
Elliott Laidman Doak (Senior UK Economist)UK
- Gilt yields have fallen sharply at the short end of the curve since the MPC cut rates in August.
- But we make minimal changes to our gilt yield forecasts, as the fundamental drivers are unchanged.
- The market continues to function well, and buyers have been attracted back to gilts.
Elliott Laidman Doak (Senior UK Economist)UK
- GDP growth for Q2 was below the MPC’s projection, but we estimate it is trending above potential.
- CPI services inflation was below the market consensus in July, for only the second time this year.
- We think these data do not warrant another rate cut in September; the next will come in November.
Elliott Laidman Doak (Senior UK Economist)UK