UK economy grew by 0.7% in March quarter

UK’s economy grew at its fastest pace in a year in the first three months of 2025. Homebuyers rushed to purchase homes before the stamp duty cuts ended on 31^st March, 2025.  Manufacturers also increased production in anticipation of higher Trump tariffs.  GDP in the March quarter grew by 0.7%. In the December 2024 quarter, UK GDP had grown by 0.1%.

Chicago Business Barometer comes down further in June

A report released by MNI Indicators on Monday showed a slight decrease in Chicago-area business activity in the month of June. MNI Indicators said its Chicago business barometer edged down to 40.4 in June from 40.5 in May. A reading below 50 indicating contraction. Economists had expected the Chicago business barometer to rise to 43.0. The dip of the Chicago business barometer aligns with the decrease in the production index. The production index fell by 2.7 points to its lowest level since January.

Lending to European households increases by 2%  in May

Lending by banks and financial institutions to euro area households grew the most in two years in May. Overall private sector credit growth remained stable, according to data from European Central Bank. Adjusted loans to households increased 2.0 percent year-on-year in May. This is the strongest level since May 2023 –  it was up 2.1 percent then. Lending to households had increased 1.9 percent in April. Meanwhile, loans to businesses grew 2.5 percent from a year ago. This was slightly slower than the 2.6 percent growth in April.

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Source: Office of National Statistics, United Kingdom; European Central Bank