UK Consumers and Businesses Reign in Spending

U.K. consumer-spending growth slowed in the second quarter as car sales fell and business investment stagnated, holding back economic momentum.The 0.1 percent increase in household expenditure was the weakest since 2014 and meant consumer activity added just 0.1 percentage point to gross domestic product. Business investment flatlined and net trade failed to contribute to growth for a second consecutive quarter. Car sales declined after a strong first quarter, when demand was boosted ahead of a tax change.The economy grew 0.3 percent in the period, unrevised from an initial estimate. Over the first six months of the year, it recorded its weakest performance since 2012, and the Office for National Statistics said expansion has “slowed markedly.”

Source: U.K. Consumer Spending Barely Grows, Restraining Economy – Bloomberg

Will Draghi or Yellen Deliver a Summer Bombshell?

Oil and Gold Consolidate Gains

Content is for general information purposes only. It is not investment advice or a solution to buy or sell securities. Opinions are the authors; not necessarily that of OANDA Business Information & Services, Inc. or any of its affiliates, subsidiaries, officers or directors. If you would like to reproduce or redistribute any of the content found on MarketPulse, an award winning forex, commodities and global indices analysis and news site service produced by OANDA Business Information & Services, Inc., please access the RSS feed or contact us at info@marketpulse.com. Visit https://www.marketpulse.com/ to find out more about the beat of the global markets. © 2023 OANDA Business Information & Services Inc.