Britain’s economy kept up its strong growth in the second quarter of 2014 and its yearly pace of expansion was revised up to 3.2 percent, its best performance in more than six years.
GDP met forecasts and expanded by 0.8 percent in the April-June period, as reported in preliminary data last month and the same pace as in the first three months of the year. Compared with the second quarter of last year, the economy expanded by 3.2 percent, up slightly from an estimate of 3.1 percent, which was the fastest yearly growth since the end of 2007.
The ONS said the upward revision of the yearly growth rate driven by the construction sector that was stronger than assumed at the time of the preliminary estimate.
Wholesale prices in the U.S. rose at a slower pace in July due to a drop in fuel costs. The 0.1 percent increase in the producer price index matched forecasts and followed a 0.4 percent gain the prior month, Labor Departments reports showed today. The so-called core measure, which strips out volatile food and fuel, increased 0.2 percent. U.S. consumer sentiment fell in August to its lowest since last November while a barometer of current economic conditions rose to its highest since July 2007.
The University of Michigan's preliminary August reading on the overall index on consumer sentiment came in at 79.2, down from a final reading of 81.8 the month before. It was below the the median forecast of 82.5, and was the lowest since a reading of 75.1 in November of last year. The survey's gauge of consumer expectations slipped for a fourth straight month, to 66.2 from 71.8. The sub-index was below an expected 73.0 and was the lowest since last October. The survey's one-year inflation expectation rose to 3.4 percent from 3.3 percent, while the survey's five-to-10-year inflation outlook rose to 2.8 percent from 2.7 percent.
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