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UK Economy Grows Faster Than Expected

A big jump in construction helped boost the British economy to a better-than-expected quarterly growth rate of 1.1 percent and nearly doubling the expected growth rate of 0.6 percent.

George Buckley, economist at Deutsche Bank, said: “This is a very strong rise. It is good news to the extent that the recovery seems to be gaining traction, the bad news is that it is going to take a long time before we get back to the peak levels we saw at the start of 2008.”

Source: BBC News

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May
24
Today’s Global
Market Events
8:30am

CAD
Corporate Profits q/q
9.0%
USD
Core Durable Goods Orders m/m
1.1% vs. -0.8%
USD
Unemployment Claims
372K vs. 370K
USD
Durable Goods Orders m/m
0.5% vs. -4.0%
9:00am

EUR
ECB President Draghi Speaks
EUR
Belgium NBB Business Climate
-10.6 vs. -10.7
10:30am

USD
FOMC Member Dudley Speaks
USD
Natural Gas Storage
77B vs. 61B
1:00pm

USD
FOMC Member Dudley Speaks
3:00pm

USD
Treasury Sec Geithner Speaks
7:30pm

JPY
Tokyo Core CPI y/y
-0.5% vs. -0.5%
JPY
National Core CPI y/y
0.1% vs. 0.2%