Purchasing managers surveys next week might tell us that UK growth is slowing slightly. This might be most evident in manufacturing, where growth could slow to a nine-month low, although it should remain decent. Construction, however, is likely to be weak, with managers citing political uncertainty and rising costs as constraints upon growth. Services growth, on the other hand, is likely to remain steady. Overall, the reports will be consistent with GDP growth in the first quarter of 0.3-0.4 per cent.
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Don't blame workers
There are risks of rising inflation, but higher wage growth is not one of them
Chris Dillow