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U.K. Faster Indicators for May Paint Positive Picture for Economy

David Goodman
(Bloomberg) -- Early-warning economic data for May pointed to a mostly positive month for corporate sales, with both the agriculture and construction industries outperforming their historical averages.The findings, contained in what the Office for National Statistics is calling its faster indicators project, suggest the U.K. economy may have rebounded somewhat last month after it shrank in April. Drawing on sources such as value-added tax returns and road-traffic data, the experimental figures are designed to provide policy makers more timely information.Official figures earlier this month showed the economy shrank 0.4% in April as the boost from Brexit stockpiling evaporated and car producers went ahead with planned shutdowns. Vehicle production plunged by 24% -- the most since records began in 1995.The ONS’s report Monday showed that its month-on-month measure indicated company turnover in April was below historical norms, while average traffic counts and port visits were broadly stable.To contact the reporter on this story: David Goodman in London at dgoodman28@bloomberg.netTo contact the editors responsible for this story: Paul Gordon at pgordon6@bloomberg.net, Andrew AtkinsonFor more articles like this, please visit us at bloomberg.com©2019 Bloomberg L.P.

(Bloomberg) -- Early-warning economic data for May pointed to a mostly positive month for corporate sales, with both the agriculture and construction industries outperforming their historical averages.

The findings, contained in what the Office for National Statistics is calling its faster indicators project, suggest the U.K. economy may have rebounded somewhat last month after it shrank in April. Drawing on sources such as value-added tax returns and road-traffic data, the experimental figures are designed to provide policy makers more timely information.

Official figures earlier this month showed the economy shrank 0.4% in April as the boost from Brexit stockpiling evaporated and car producers went ahead with planned shutdowns. Vehicle production plunged by 24% -- the most since records began in 1995.

The ONS’s report Monday showed that its month-on-month measure indicated company turnover in April was below historical norms, while average traffic counts and port visits were broadly stable.

To contact the reporter on this story: David Goodman in London at dgoodman28@bloomberg.net

To contact the editors responsible for this story: Paul Gordon at pgordon6@bloomberg.net, Andrew Atkinson

For more articles like this, please visit us at bloomberg.com

©2019 Bloomberg L.P.