DAVY VIEW

Yesterday’s UK GDP data showed output up only 0.3% in Q3 2019, losing momentum through the summer months, so the economy will do well to record any growth in Q4. Attention will now turn to today’s labour market data. After a 0.2% decline in employment in the last three months, any further fall in September will surely fuel bets that the Bank of England will be forced to cut interest rates after the general election.