Your September guide to the UK economy, giving you a monthly overview of the major trends impacting the UK's main business sectors.
A lopsided recovery
The UK economy stagnated in July, with GDP staying flat for the second month running. However, month-on-month growth rates carry more noise than signal. On a three month-on-three month basis, GDP rose by a healthy 0.5%. So far, this confirms that momentum will be maintained into the second half of 2024, albeit at a slower pace than the above-trend growth registered in H1.
However, it’s worth noting that the UK’s recovery so far has been a tad lopsided. Growth has largely been driven by the services sector: among the biggest contributors have been professional services and administration & support, which may in part reflect the revival of
business-to-business activity. A healthy bump has also come from transport & storage and healthcare, the latter possibly reflecting fewer incidences of industrial action.
In contrast, many consumer-facing sectors are still struggling, a picture corroborated by the CBI’s own Service Sector Survey. Manufacturing has also t
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